However, if you do get divorced and you have to pay your spouse their share of equity in your home – you’ll need a loan to get this done.
Many loan officers will tell you that in the State of Texas you can’t get more than 80% of the value of your home on a cash out loan.
This is true… Except in cases of divorce.
For divorce situations we have Owelty loans.
I’ve done many Owelty loans. We treat them as a regular rate and term refinance (not cash out rates – which are higher).
So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.
…or, better yet – just give me a call and I can help you!
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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