Need retainer for your Divorce Lawyer?
Oct 8, 2019
The Partial Interest Mortgage is a loan that allows a person who has Joint Ownership on a home. It allows you to access 50-65% of your "interest" in the property without having the other party approve it.
Examples of who might use this?
- A stay at home wife/husband with limited income, bad or no credit and or no savings that is going through a separation or divorce and don't have access to funds for the Lawyer retainer or fees.
- Brother/Sister/Partner on the mortgage and you need access to funds for debt payouts or other expenses where you don't want the other party to know what your doing.
Here is a example of a recent loan we funded.
House value was $900,000
Current mortgage was $400,000 and both parties are 50/50 Joint Tenants in common on the title of the home.
Effectively there is $500,000 in equity available in total and $250,000 available to the one party.
We completed a "partial interest" loan in the amount of $125,000 to assist the client with relocating her to a rental home and funds to live and pay for a Lawyer during the separation.
There are fees and interest rates are dependent on the overall file.
Give our team a call today to see how this program might fit your needs.