A reverse mortgage allows Canadian homeowners aged 55 and older to borrow against the equity in their home — up to a maximum of 55% of the home's appraised value. You do not make monthly payments. The loan, plus compounded interest, is repaid when the home is sold, transferred, or the homeowner passes away. The two main providers in Canada are HomeEquity Bank (CHIP) and Equitable Bank. As a reverse mortgage specialist serving North Vancouver, Surrey, and all of BC, I work with both lenders to find the best fit for each client.

A HELOC (Home Equity Line of Credit) requires you to make at least interest payments each month and is based on your ability to qualify based on income. A reverse mortgage requires no monthly payments and does not depend on income qualification — which makes it particularly valuable for BC retirees on fixed incomes. HELOCs offer more flexibility and lower long-term interest costs; reverse mortgages offer more certainty. I will show you both options with real numbers so you can decide which fits your situation.

No — as long as you continue to live in the home as your primary residence, maintain it, keep it insured, and pay your property taxes, you retain full ownership. Canadian reverse mortgages come with a no-negative-equity guarantee, meaning you can never owe more than the home is worth at the time of sale. However, interest compounds over time, which reduces the equity available to your estate. I walk every client through the long-term equity projections before they decide.

To qualify for a reverse mortgage in British Columbia, you must be 55 years of age or older (all homeowners on title must be 55+), own your home, and the property must be your primary residence. The home must be located in Canada. There is no income qualification requirement — the loan is secured entirely against the property. North Vancouver and Surrey homeowners often qualify for substantial amounts given BC's strong property values.

The maximum is 55% of your home's appraised value, but the actual amount depends on your age, the property type, and the lender's current guidelines. For a North Vancouver home appraised at $1,500,000, that could mean up to $825,000 available — though most clients take significantly less. I calculate the exact numbers for your specific property and situation during our free consultation.

Reverse mortgage interest rates are typically higher than conventional mortgage rates — currently in the 6–8% range depending on the lender and term. There are also setup fees (appraisal, legal, and administration), typically $1,500–$2,500. Because interest compounds over time without monthly payments, the total cost can be significant over a long period. I provide a full cost-over-time analysis for every client so there are no surprises.

Not always — and I will tell you honestly if it is not. For some BC homeowners, a HELOC, a conventional refinance, or even downsizing makes more financial sense. For others — particularly those on fixed incomes who want to stay in their home and maintain their lifestyle — a reverse mortgage can be genuinely transformative. My job is to give you a clear, honest picture of all your options so you can make the decision that is right for your life.