Tapping In To Your Homes Equity

Going through a Seperation or Divorce is stressful enough...Your home can be the asset that gives both partners a fresh start. 

For many seperating couples, their home is their most important asset. That's why seeking the advice of a mortgage professional very early in the process can help set the stage for a successful seperation - so the two of you can each make the best possible start on a new path.

Most couples assume that the house must be sold - but that's not always the case. Under regular mortgage refinance rules, one option is the home can be refinanced up to 80% of its value. This leaves 20% of the equity tied up in the home. Normally the only way to access that equity would be to sell the property so you can split the equity. You'll need to determine if this equity can pay off joint debt and provide a payout if it's required to the other spouse. Or one spouse can purchase the home outright from the other spouse who then comes off of the title.

A Spousal Buy Out (or Seperation) Mortgage allows a buyout of up to 95% (certain conditions apply), which can provide a fair buyout and possibly pay off any other joint debt.

Seperation or Divorce doesn't need to spell the end of financial hope. I can help you look at your options - as an individual or together. I can let you know what you can qualify for and what is affordable for you in your current financial situation, whether you want to buyout your spouse or be bought out and purchase another home.

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