Updated 8 days ago on . Most recent reply
Loan options for divorce scenario
Hello - I appreciate your help.
Due to divorce, my wife and I are seeking a way for me to buy out my wife's share of our house. The house needs repairs and I only plan to hold it for 4-12 months, as I repair and sell. Before I can do that, I need to purchase my wife's portion of the home.
Only my name will be on the title going forward. The current mortgage is in her name, so I'll need enough funds to pay off the mortgage completely. Understandably, I don't know a way to leverage the existing mortgage while removing my wife's ownership of the property.
I'm retired and have only a small documented income. With limited knowledge, it looks I should seek a hard money lender. Alternatively, I do have investment assets (brokerage accounts), and perhaps an asset depletion loan might be an option. I only need a loan for 4-12 months. Do these seem like my best options - hard money or asset depletion? Which is better, or is there a different better option? Is there something that I should know upfront for people in my situation trying to find a creative leander?
Thank you for the help in advance!