A divorce can be emotional, stressful, and draining, especially when you’re trying to move out and on with your life. In many cases, couples find themselves “stuck” living in their matrimonial home far longer than they’d like to, waiting first for the home to sell, and then for the closing date. In situations such as these, many find themselves living with their separated spouse, or renting a very cheap accommodation because they don’t have the funds to finance a new purchase or proper rental. What many people don’t realize is that there are non-traditional lenders who specialize in these types of difficult situations, and can help you to access your equity in advance.
Tempo Financial is a company which specializes in short term financing of home equity. Tembo’s unique tools allow an equity advance PRIOR to the closing of your home to help with a variety of expenses such as repairs and deposits for new purchases or rentals.
When you and your partner are attempting to part ways, but can’t afford to purchase/rent two separate properties until you’ve received the equity from your home, Tembo becomes a short term financing aid. In as little as 48 hours, Tembo can advance the equity of your sale so that both parties can use the funds for purchase deposits, or rental payments/deposits. Upon the closing of the sale of your existing home, Tembo will be repaid for it’s advance. There are no credit checks or appraisals*, and their personal approach to service makes the process simple and convenient.
Frequently Asked Questions:
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.
Can We Access Our Home Equity Before the Sale?
Yes, it is possible to access your home equity before the sale of your home, through non-traditional lenders such as Tembo Financial. Tembo provides short term financing for those who require their equity before the closing date of their existing home.
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 no credit check or appraisal*.
Interested in more information about home equity loans, home equity advances, or just have questions as to your options in non-traditional lending? Click https://www.thedivorceangels.com/vendor/arryn-greenspan/
*subject to qualification.