Divorce can be a stressful and difficult process for all parties involved, especially when it comes to division of assets and funds. Some couples are not financially prepared for divorce, and this can lead to some very uncomfortable situations, such as continuing to live together in the matrimonial home, or having to rent very cheap accommodations while awaiting resolution. What many couples don’t realize, is that Tembo can help both parties in securing their home equity before the sale of their home. This means both parties will have the opportunity to acquire funds for new purchase or rental deposits, and help to avoid the awkward and uncomfortable alternatives.
What is Home Equity?
Home Equity is the value of ownership created in a home/property which represents the current market value of the house less any remaining mortgage owed. This value is created over time as the owner pays off the mortgage and the property appreciates.
When Can We Access Our Home Equity?
If you have signed a listing agreement, stating intent to sell your home by a certain date, you are able to apply for a home equity loan. If you’ve already sold your home and are waiting for the closing date of your sale, you are also able to apply.
Do We Both Have to Agree to Advance Our Equity?
Yes, as a married couple, both parties must be present to sign documentation in reference to the home equity loan. Even if only one spouse is the property owner, both parties consent will be required.
How Can this Benefit Us?
By having advance access to the funds of your sale, both parties will be able to use the money for new purchase or rental deposits, to renovate or repair your existing home before sale, or to consolidate debt you may have incurred together. This can aid both parties in moving out (and on) with their lives, hopefully leaving the marriage on the most positive terms possible.
How Long Does It Take?
At Tembo, the process can be completed in as little as 48 hours, with not credit check or appraisal*.
Have you sold/are in the process of selling your home, and now can use an advance on your equity before closing day, perhaps you need money for your new purchase deposit? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.