The Spousal Buyout Program is actually a Mortgage Refinance that differs from a traditional one. It is designed to enable one spouse to unlock property equity up to 95% instead of the traditional 80%. Created for couples who are experiencing a relationship breakdown, where one spouse wishes to keep the property and buyout the other spouse. This program can also potentially be used when individuals who jointly own a property are splitting their home partnership.

Transaction Eligibility

• Married, Common-Law & Individuals who are jointly on title
• Lump Sum Payouts to spouse can be included as well as Legal Fees & Joint Debt

Transaction Information

• Refinance an existing mortgage with as little as 5% down payment
• Existing requirements related to income, credit worthiness & affordability apply
• Maximum Mortgage could be as much as 95% of the Property Value
• High Ratio (above 80% of Property Value) must be insured by a Canadian Mortgage Insurance Company
• Lending Value is based on the Appraised Value of the property
• Mortgage Terms are flexible as like other mortgages and both Fixed & Variable are available
• Maximum Amortization is 25 Years, if a High Ratio or 30 Years when it is Conventional
• For Matrimonial Property only, not designed for a Rental Property
• Rate Premiums are generally not charged for this type of mortgage
• Proceeds can be used to buyout the ex-spouse, any matrimonial debt, mortgage penalties and legal fees

Further requirements and/or qualifications may be applicable. Contact Chris to further discuss this mortgage program regarding your specific circumstances.