Beyond Divorce: Elevate Your Future with Strategic Mortgage Choices

Jamie Ushko • December 19, 2023

Embarking on the journey of separation or divorce is undoubtedly one of life's most challenging moments, both emotionally and financially. None of us enters a marriage or home purchase anticipating the need to untangle the life we've woven together. Unfortunately, for 38% of married couples in Canada, this becomes a harsh reality.


Managing finances and determining the fate of the family home during this period can be overwhelming, adding a unique set of stressors to an already difficult situation. Each individual's circumstances vary, and obtaining a mortgage after or during a divorce is influenced by numerous factors. In this discussion, I'll outline some options and considerations to help you transition smoothly, always keeping in mind that these are mortgage-centric options that should be discussed with your legal advisor to ensure alignment with your overall strategy.


To Keep or To Sell

The decision to keep or sell the home is highly individual. In most divorces, one party wishes to retain the family home. If that person qualifies to take over the mortgage, it's a straightforward process. Here are a few routes to explore:


Option 1 - Remove Ex from Mortgage and Title: If you can manage the existing debt, this is the easiest path. You can do this with your current lender or switch to a new one, with the option of adding a co-signer if needed. Note that you won't be extracting funds from the property in this option, so any financial settlements or payouts to your ex would need to come from savings or alternative sources.


Option 2 - Refinancing: This process allows a complete restructuring of the mortgage. You can adjust parameters, such as pulling out funds to settle with your ex, extending the amortization to lower payments, and changing lenders or mortgage products. Keep in mind that during refinancing, a certain equity stake (usually 20%) must be retained in the property.


Option 3 - Spousal Buy-Out: If you lack the required equity for refinancing or need to pay out more than available, a spousal buy-out lets you purchase the house from your ex. This involves starting afresh, with existing equity as your down payment and the ability to borrow up to 95% of the home's market value.


Qualifying Considerations

Several factors impact your mortgage eligibility during a divorce. A signed separation or divorce agreement is essential, outlining spousal and child support, property distribution, and any financial settlements. Keep in mind that support payments, whether received or paid, affect your debt servicing ratios. If you're receiving support, it can be considered as part of your income.


RRSP Withdrawal and First Time Home Buyer Incentive: For the first property purchased post-divorce, you qualify for the First Time Home Buyers Plan RRSP withdrawal and the First Time Home Buyers Incentive. These programs offer financial advantages and support for your transition.


Moving On: Moving on, both figuratively and physically, is undoubtedly easier said than done. Surrounding yourself with the right resources—lawyers, counselors, realtors, and a reliable mortgage broker—will set you on the path to success as you transform your house back into a home. Remember, these strategies are tailored for your unique journey and should align with your broader legal and financial considerations.

Jamie Ushko

Mortgage Broker

Smart Strategies to Save for Your Down Payment

By Jamie Ushko • December 3, 2025
How to Start Saving for a Down Payment (Without Overhauling Your Life) Let’s face it—saving money isn’t always easy. Life is expensive, and setting aside extra cash takes discipline and a clear plan. Whether your goal is to buy your first home or make a move to something new, building up a down payment is one of the biggest financial hurdles. The good news? You don’t have to do it alone—and it might be simpler than you think. Step 1: Know Your Numbers Before you can start saving, you need to know where you stand. That means getting clear on two things: how much money you bring in and how much of it is going out. Figure out your monthly income. Use your net (after-tax) income, not your gross. If you’re self-employed or your income fluctuates, take an average over the last few months. Don’t forget to include occasional income like tax returns, bonuses, or government benefits. Track your spending. Go through your last 2–3 months of bank and credit card statements. List out your regular bills (rent, phone, groceries), then your extras (dining out, subscriptions, impulse buys). You might be surprised where your money’s going. This part isn’t always fun—but it’s empowering. You can’t change what you don’t see. Step 2: Create a Plan That Works for You Once you have the full picture, it’s time to make a plan. The basic formula for saving is simple: Spend less than you earn. Save the difference. But in real life, it’s more about small adjustments than major sacrifices. Cut what doesn’t matter. Cancel unused subscriptions or set a dining-out limit. Automate your savings. Set up a separate “down payment” account and auto-transfer money on payday—even if it’s just $50. Find ways to boost your income. Can you pick up a side job, sell unused stuff, or ask for a raise? Consistency matters more than big chunks. Start small and build momentum. Step 3: Think Bigger Than Just Saving A lot of people assume saving for a down payment is the first—and only—step toward buying a home. But there’s more to it. When you apply for a mortgage, lenders look at: Your income Your debt Your credit score Your down payment That means even while you’re saving, you can (and should) be doing things like: Building your credit score Paying down high-interest debt Gathering documents for pre-approval That’s where we come in. Step 4: Get Advice Early Saving up for a home doesn’t have to be a solo mission. In fact, talking to a mortgage professional early in the process can help you avoid missteps and reach your goal faster. We can: Help you calculate how much you actually need to save Offer tips to strengthen your application while you save Explore alternate down payment options (like gifts or programs for first-time buyers) Build a step-by-step plan to get you mortgage-ready Ready to get serious about buying a home? We’d love to help you build a plan that fits your life—and your goals. Reach out anytime for a no-pressure conversation.

How to Access Your Home Equity Wisely

By Jamie Ushko • November 26, 2025
Need to Free Up Some Cash? Your Home Equity Could Help If you've owned your home for a while, chances are it’s gone up in value. That increase—paired with what you’ve already paid down—is called home equity, and it’s one of the biggest financial advantages of owning property. Still, many Canadians don’t realize they can tap into that equity to improve their financial flexibility, fund major expenses, or support life goals—all without selling their home. Let’s break down what home equity is and how you might be able to use it to your advantage. First, What Is Home Equity? Home equity is the difference between what your home is worth and what you still owe on it. Example: If your home is valued at $700,000 and you owe $200,000 on your mortgage, you have $500,000 in equity . That’s real financial power—and depending on your situation, there are a few smart ways to access it. Option 1: Refinance Your Mortgage A traditional mortgage refinance is one of the most common ways to tap into your home’s equity. If you qualify, you can borrow up to 80% of your home’s appraised value , minus what you still owe. Example: Your home is worth $600,000 You owe $350,000 You can refinance up to $480,000 (80% of $600K) That gives you access to $130,000 in equity You’ll pay off your existing mortgage and take the difference as a lump sum, which you can use however you choose—renovations, investments, debt consolidation, or even a well-earned vacation. Even if your mortgage is fully paid off, you can still refinance and borrow against your home’s value. Option 2: Consider a Reverse Mortgage (Ages 55+) If you're 55 or older, a reverse mortgage could be a flexible way to access tax-free cash from your home—without needing to make monthly payments. You keep full ownership of your home, and the loan only becomes repayable when you sell, move out, or pass away. While you won’t be able to borrow as much as a conventional refinance (the exact amount depends on your age and property value), this option offers freedom and peace of mind—especially for retirees who are equity-rich but cash-flow tight. Reverse mortgage rates are typically a bit higher than traditional mortgages, but you won’t need to pass income or credit checks to qualify. Option 3: Open a Home Equity Line of Credit (HELOC) Think of a HELOC as a reusable credit line backed by your home. You get approved for a set amount, and only pay interest on what you actually use. Need $10,000 for a new roof? Use the line. Don’t need anything for six months? No payments required. HELOCs offer flexibility and low interest rates compared to personal loans or credit cards. But they can be harder to qualify for and typically require strong credit, stable income, and a solid debt ratio. Option 4: Get a Second Mortgage Let’s say you’re mid-term on your current mortgage and breaking it would mean hefty penalties. A second mortgage could be a temporary solution. It allows you to borrow a lump sum against your home’s equity, without touching your existing mortgage. Second mortgages usually come with higher interest rates and shorter terms, so they’re best suited for short-term needs like bridging a gap, paying off urgent debt, or funding a one-time project. So, What’s Right for You? There’s no one-size-fits-all solution. The right option depends on your financial goals, your current mortgage, your credit, and how much equity you have available. We’re here to walk you through your choices and help you find a strategy that works best for your situation. Ready to explore your options? Let’s talk about how your home’s equity could be working harder for you. No pressure, no obligation—just solid advice.