There are times when certain things come to an end. Sometimes, this means that two people, who own a house together, decide to go their separate ways. Whether that is a married couple going through a divorce, or siblings who are ready to start something new, no one should feel trapped in their home. That’s why we offer a spousal buyout program.
What Is It?
Although the program is called Spousal Buyout, any two people who own a home together are eligible. In some cases, this is friends or siblings who purchased a home together. This program is tailored for instances where one partner wants to buy the other out and there is not enough equity to refinance.
How Does It Work?
Instead of forcing the partners in question to sell their home, we can build a new mortgage for the partner wanting to remain the owner, and remove the other partner. We can offer up to 95% of the value of the house in order to pay the other partner out the equity they are owed. The only eligibility requirement is that the partner taking over the home qualifies on their own.
Honouring Your Needs
To make this process as smooth as possible, we will be with you every step of the way. The program requires a separation agreement, an offer to purchase, and finally a mortgage application. Aside from these documents, a physical appraisal of the property is required. This is because our spousal buyout program behaves in a similar way to a private sale.
Our program is built to ensure that separating partners never feel as if they have to lose their home or feel trapped within it. If you are curious about how our spousal buyout program can benefit you, contact us today. Throughout the entire process, from consultation to finish, your privacy and comfort is our highest priority.