Winnipeg Mortgage Blog
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Spousal Separation Program
November 10, 2020 | Posted by: Adrian Schulz - Winnipeg Mortgage Broker: Rental Property Financing and Commercial Mortgage Solutions
Divorce is a painful and stressful time, especially when it comes to dividing property. Separating from your spouse often means selling your jointly-owned home, and while most people don’t want to move, they also don’t have enough cash on hand to buy out their spouse.The Spousal Separation Program can help. It allows you to finance up to 95 percent of your home’s equity, enabling you to pay your ex-spouse for half of the property. As long as you have good credit and can pay the mortgage by yourself, you can keep your home during the legal separation and divorce process.
It’s simple. To qualify, both of you must have been on the title before you filed for legal separation. The application is submitted as a purchase loan, for up to 95 percent of the loan-to home value ratio. You’ll need a finalized separation agreement and an offer to purchase. Finally, the Lender will require an appraisal to confirm the home's value.
Divorce is hard—but with the Spousal Separation Program, there is a way to keep your home and maintain some sense of stability. Click the link to schedule an appointment: https://calendly.com/centum-aschulz/mortgage-consultation
