At Today's Mortgage Choice, we believe it is imperative to consider your options when going through a major life change, such as divorce or separation. If you and your spouse are both on the deed, there are alternatives to selling your home or property. With several ways to apply and acquire a spousal buyout mortgage, our team will provide you with a customized solution for your situation.
Contact our mortgage professionals now at (888) 418-6979 for further information.
What Is a Spousal Buyout?
In the event of divorce or separation, a spousal buyout is a mortgage financing option used to buy out your spouse’s equity on a shared property. For a spousal buyout to be applicable, all parties to the transaction must be currently registered owners of the property in question. They’ll also need a formal Separation Agreement and Purchase Agreement from their lawyer.
Make sure to consult us to see if this kind of mortgage program would be right for you.
What Happens When You Buy Someone Out of a Mortgage?
If you’re amid the process of separation, a joint mortgage can be transferred to a single person by buying the other out of the mortgage. In some cases, lenders may even help consolidate debts to assist with affordability. A spousal buyout can help a family avoid any further disruptions and excess stress that come with having to sell a home.
When one owner buys the other’s share of home equity, the co-owner is released from the mortgage contract, and they are removed from the deed. This way, the family may maintain some stability during the separation.
How Does a Spousal Buyout Work?
Today's Mortgage Choice can guide you through the process of a spousal buyout. You’ll need to provide us with details of your financial situation, as well as information on the property you would like to buyout and the current mortgage against it.
If you’re interested in this program, there are specific criteria you must meet to qualify.
- Ability to afford the mortgage on a sole income
- Loan less than 95% of the home value
- Legal separation agreement
- Purchase agreement
- Buyout specifications on the separation agreement
If you have any questions or concerns about how this kind of mortgage program works, contact our professionals at any time. Phone conversations and in-person consultations are always kept confidential. Call us today to get started.
Learn More About Spousal Buyout Mortgages
Knowing that a significant percentage of marriages end in divorce, it is essential to know the option of a spousal buyout mortgage is available to you. Joint ownership of a home or property can be settled quickly, as long as both parties agree to legal separation and terms of purchase.
Our mortgage specialists understand that divorce is a difficult time, and we hope to make the separation process a little easier with specialized mortgage programs and professional financial advice.
To learn more about spousal buyouts, get in touch with us now at (888) 418-6979. We’ll set up a no-obligation consultation without delay.