When we tie the knot with our soulmate, we assume it’s going to be forever. It’s pretty much written in the vows. Unfortunately, not all marriages have fairytale endings. In fact, a very significant amount of marriages in Canada end in divorce. The most recent data suggests the average marriage lasts 14 years, with 42 percent of divorces occurring in marriages lasting between 10 and 24 years.
There is a unique alternative that very few mortgage professionals and lawyers even know exists.
This alternative is backed by all three of Canada’s mortgage insurance providers, Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.
This program is called a “Spousal Buyout Program”.
Our specially designed program allows one party to refinance the matrimonial home up to 95 percent of its appraised value, and payout any debts related to the marriage.
The spousal buyout program is a one-time opportunity. It can be used to simply payout your spouse and/or provides an opportunity to pay off other debts outside the separation agreement.

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Even with a helpful loan-to-value ratio, some people still can’t afford to take on the home on their own. The program also allows people to bring on a cosigner, often a new partner or family member.
So you want to buyout your spouse, so what's next?
If you would like to buy out your spouse we do require some documents in order to complete the mortgage approval. A list of documents that would be required for review are:

- Signed separation agreement
- Employment Letter
- Most recent paystub
- List of debts you wish to payout along with the spousal buyout
We will guide you through each step to help make this process as stress-free as possible.
At the end of the day, divorce is unfortunate. This program allows you to keep your home and your kids can stay where they’ve grown up.
If you do find yourself in a divorce and you’re not sure what to do about your home, contact a mortgage broker before making any decisions. They can help you.