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What happens to my mortgage if I separate from or divorce my spouse?

In the event of separation or divorce, there are several options for joint holders of a mortgage:  

One option is to sell the house and share the profits. However, if you sell the property before the end of your mortgage, you may have to pay a mortgage termination fee.     

If you prefer to keep the property, you can do a mortgage transfer. This way, you buy out your spouse's share and keep the property in your name*. Like the first option, you may have to pay a mortgage termination fee.     

You can also sign an assumption agreement. In this case, your spouse assigns their shares* to you, and you become responsible for the entire mortgage. This solution saves you from terminating the mortgage, but both spouses' names remain on the mortgage. 

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*Subject to approval by National Bank.

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