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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Going Through a Divorce? Here’s a Smart Way to Keep Your House

Getting a divorce is really tough. Not only does it make you feel all sorts of emotions, but it can also make your wallet feel a lot lighter, especially when you're trying to figure out what to do with your house. Often, people think they have to use their savings or retirement money to pay their ex for their part of the house.

But wait, there's a smarter way to handle this without emptying your savings account!

Try This Instead: Special Refinancing Option

Instead of using your hard-earned savings, there's a special kind of home loan that can help. This loan lets you take your ex's name off the house and borrow up to 95% of what your home is worth. This means you can pay your ex for their share and still keep your savings safe.

Why This Is a Good Idea

  1. Keep Your Savings: This way, you don't have to use the money you've saved for other things or your future. You can keep it right where it is.

  2. Make Things Simpler: Getting this loan helps you and your ex split things up more cleanly, so you both can move on faster.

  3. Stay in Your Home: Keeping your house gives you a place to live that you already know and like, even when other things in your life are changing.

How to Do It

To get started, you'll need to:

  • Check if you can get this special loan based on your credit score and job.

  • Have someone figure out how much your house is worth right now, which helps decide how much you can borrow.

  • Agree with your ex on how much they'll take to give up their share of the house.

Get Some Help

Since this can be a bit tricky, it's a good idea to talk to someone who knows a lot about home loans and someone who knows about divorce laws. They can help make sure everything goes smoothly and is fair.

Final Thoughts

Divorce means making a lot of hard choices, but figuring out what to do with your house shouldn't make things harder on your bank account. With this special refinancing option, you can buy your ex's share of the house without using up your savings.

Remember, what works for someone else might not be the best for you. But with the right advice, you can find a way to keep your house and your savings too.

If you're trying to figure out what to do with your house during a divorce, I'm here to help. Let's talk about your choices and find the best way forward for you.

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