Personal Finance

retired need morgage to buy out my wife

  • Last Updated:
  • Apr 21st, 2014 11:52 am
Tags:
None
Newbie
Apr 16, 2014
4 posts
1 upvote
Mississauga, ON

retired need morgage to buy out my wife

Is it possible to get a morgage for me as a retired person to buy my wife out due to divorse sepapration.My yearly pention income $ 20000 and morgage I need to buy out my wife in order to stay in the condo is $ 70000 and I have $140000 equity in the condo already which is worth $ 210000.
16 replies
Banned
User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
Talk to a mortgage broker. But on that note, you may need to think long and hard about giving up the condo and finding yourself a spot in a lower-income subsidized unit perhaps in a lower-cost centre outside of the immediate GTA. Keeping the condo with that little equity and income is going to be a significant uphill battle, even if you can obtain a loan at this point. It may very well be better to make a clean break while you can externalize/split the Realtor costs with your former spouse, than to hang on and shoulder the entirety of the costs when you sell.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Deal Addict
User avatar
Feb 18, 2010
1130 posts
650 upvotes
Greely
Mark77 wrote: It may very well be better to make a clean break while you can externalize/split the Realtor costs with your former spouse, than to hang on and shoulder the entirety of the costs when you sell.
Selling the condo does ensure that the closing costs are equitably shared between your ex and you. Move to St. Catharines or Port Weller and buy a sailboat. Ok, don't buy a sailboat...
Deal Addict
May 2, 2007
3013 posts
270 upvotes
Kingston
Mark77 wrote: Talk to a mortgage broker. But on that note, you may need to think long and hard about giving up the condo and finding yourself a spot in a lower-income subsidized unit perhaps in a lower-cost centre outside of the immediate GTA. Keeping the condo with that little equity and income is going to be a significant uphill battle, even if you can obtain a loan at this point. It may very well be better to make a clean break while you can externalize/split the Realtor costs with your former spouse, than to hang on and shoulder the entirety of the costs when you sell.
Government Lower income subsidized units have years waiting list. Other lower income units are in the getto. Thank you for coming out.
Banned
User avatar
Jul 16, 2003
10397 posts
1468 upvotes
Toronto
Message sent.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Member
Jan 7, 2014
247 posts
35 upvotes
Richmond Hill
hitman is only $2000 a pop







j/k lol
it costs a lot more than that
Banned
User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
starboy869 wrote: Government Lower income subsidized units have years waiting list. Other lower income units are in the getto. Thank you for coming out.
Sure, and now is the time to get onto the waiting lists and/or to look at the options that may be available. Because unfortunately the OP is extremely vulnerable to a huge multitude of factors associated with ownership with such little equity and income, such as rising interest rates, condo special assessments, difficulty renewing a loan, etc.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Newbie
Apr 16, 2014
4 posts
1 upvote
Mississauga, ON
Guys I don't think you get what I'm trying to explain I only need 70000 mortgage my equity 140000 in condoo twice the amount of morgage i'm asking.Condo worth 210000
Deal Addict
Aug 30, 2011
3537 posts
1279 upvotes
Ottawa
OP, are you saying you have a $70,000 mortgage now? That the $70,000 you would be paying your ex would mean you'd have a mortgage of $140,000? Interest along would be over $4,000/year + condo fees... can you manage that?
Newbie
Apr 16, 2014
4 posts
1 upvote
Mississauga, ON
No, Ottawa what I am saing is I have no morgage but I have to give wife $ 70000 in order to take over the title basicly buying her out due to divorse,condo apprised at $ 210000
free of morgage but I have to take out 70000 mortgage which leaves lenders with 140000 down payment,I hope I made it clear now
Jr. Member
Oct 17, 2013
108 posts
22 upvotes
South Orange County,…
You need a reverse mortgage. If you are over 55 you can get up to 50 per cent of your home’s value through a reverse mortgage. You are not required to make any mortgage payments and don’t have to pay any interest or principal until you sell the home or die. The mortgage is paid off from the proceeds of the home’s sale.
Deal Addict
Aug 30, 2011
3537 posts
1279 upvotes
Ottawa
bbatur wrote: No, Ottawa what I am saing is I have no morgage but I have to give wife $ 70000 in order to take over the title basicly buying her out due to divorse,condo apprised at $ 210000
free of morgage but I have to take out 70000 mortgage which leaves lenders with 140000 down payment,I hope I made it clear now
In that case, I don't see why you couldn't get a mortgage. Interest on $70,000 would not be tough to handle, especially with a long term. But maybe a mortgage lender would see it differently. If you live frugally and want to stay where you are, I think it's possible. Good luck!

Unless you're 75+, I would not recommend a reverse mortgage. Those always seem like a scam to me.
Deal Fanatic
User avatar
Jan 6, 2002
6834 posts
7575 upvotes
Toronto
bbatur wrote: No, Ottawa what I am saing is I have no morgage but I have to give wife $ 70000 in order to take over the title basicly buying her out due to divorse,condo apprised at $ 210000
free of morgage but I have to take out 70000 mortgage which leaves lenders with 140000 down payment,I hope I made it clear now
Wouldn't that be $105G, not $70G, since it's the matrimonial home?
Si Tacuisses, Philosophus Mansisses
Newbie
Apr 16, 2014
4 posts
1 upvote
Mississauga, ON
No Hoob It's $ 105.000+35.000 owed to me from her investment=140.00 court says I buy her out for 70000 if i want to keep the condo final.
Jr. Member
Oct 17, 2013
108 posts
22 upvotes
South Orange County,…
OttawaGardener wrote: In that case, I don't see why you couldn't get a mortgage. Interest on $70,000 would not be tough to handle, especially with a long term. But maybe a mortgage lender would see it differently. If you live frugally and want to stay where you are, I think it's possible. Good luck!

Unless you're 75+, I would not recommend a reverse mortgage. Those always seem like a scam to me.
Why do you think they're a scam?
Moderator
May 28, 2012
12485 posts
5278 upvotes
Saskatoon
hammer686 wrote: Why do you think they're a scam?
Probably because of the smarmy ads...they always look like they are doing you a favour by lending you money at high rates of interest. If cash flow is an issue, better to sell/downsize than to go into more debt.

Top