Spruce Grove Mortgage Broker: Krista Rumberg
 (780) 946-6222   ·    Email

 

Spousal Buyout

Call Krista now at (780) 946-6222 to find out if you are eligible for the Spousal Buyout program.

Are you getting a divorce? Do you want to dissolve financial ties with your ex-spouse? I can help you with the Spousal Buyout program that will benefit both parties and help you move on with your life.

The Spousal Buyout program is helpful for people who are in the process of a legal separation; when one person would like to keep their matrimonial home, but two people are on the title to the property. The program is available to jointly titled homeowners with a dissolved relationship, including common-law spouses as well.

Requirements for the Spousal Buyout Program:

  1. Dwelling must be owned & owner occupied.
  2. Home appraisal must be ordered by mortgage broker.
  3. Have an offer to purchase (broker can assist).
  4. Working towards a finalized separation agreement.

If you meet these requirements, contact Krista now for more information on the Spousal Buyout program.

apply-now

Remember:

  • We can use up to 95% value of the home.
  • Spousal and Child Support can be used as income.
  • Joint debt can be included.
  • Lump sum payouts to spouse can be included.

Example:
Marnie and Rick both own their home but are going through a divorce. They have an estimated 10% equity in their home. The bank has indicated that they can’t refinance and must sell. Marnie want to keep the home and live in it with the children but only works part time and will be relying on spousal support for additional income. They have agreed that Rick is entitled to $10000 in equity to buy his new home.

Spousal buyout is the solution! Rick sells his share of the home to Marnie for the appraised value (appraisal ordered by mortgage broker). Rick receives $10000 as a disbursement of the sale. The title of the home is changed to only Marnie.

If you would like to dissolve your financial ties from your ex-partner, the Spousal Buyout program may be for you.

Call Krista now at (780) 946-6222 for more information on the Spousal Buyout program.