This program is designed for co-owners parting ways, where one party wishes to buy out the other and keep the property.

 

• While most commonly used in marital separations, it also applies to common-law partners, siblings, or other co-owners.

• The new mortgage can be up to 95% of the home’s value, meaning the remaining owner can essentially start over with only 5% equity in the home.

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Note: Both names must stay on title until this transaction changes it. It needs to be stated in the separation agreement which spouse is to take over the home and how much needs to be paid out to the other. I advise getting pre-approved under this program before asking lawyers to add it to the agreement. The funds drawn from the property can only be used to payout the other owner.

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Did You Know?

If you're going through a marriage breakdown, you regain eligibility for first-time home buyer programs. Click here to learn more. 

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