Your Home Could Be Your Best Retirement Asset. Let's Find Out.
Most BC and Alberta homeowners 55+ have more equity than income. A reverse mortgage lets you access that equity — tax-free, with no monthly payments, and without selling your home. I'm Greg Stanley — a CFP and Mortgage Broker who works with all four Canadian lenders. Independent advice, honest answers.
Get Your Free Reverse Mortgage Assessment
A Reverse Mortgage Lets You Use Your Home's Value — Without Selling It.
Here's what that actually means in plain language.
A reverse mortgage is a loan secured against your primary residence. You access a portion of your home's value as tax-free cash. There are no monthly payments — the balance is repaid when you sell, move permanently, or pass away. Whatever equity remains belongs to you or your estate.
In Canada, four lenders offer reverse mortgage products. CHIP is the most recognised — it is one of four options, and not always the best one for your situation. As an independent broker, I compare all four side by side before making a recommendation.
You keep the home. You keep the title. You keep full control.
The basics — in 30 seconds
- ✓Must be 55 or older
- ✓Must be your primary residence
- ✓No income qualification required
- ✓No minimum credit score
- ✓Existing mortgage paid out at closing
- ✓No monthly payment required
- ✓Tax-free — does not affect OAS, GIS, or CPP
- ✓Non-recourse — estate protected
Six Steps From First Question to Tax-Free Cash
Most files close in 4–6 weeks. A well-prepared file can close in 21 days.
Eligibility Check
Must be 55+, own the home, occupy it as your primary residence. Income, employment, and credit score are not factors.
Independent Appraisal
A licensed appraiser determines the current market value. Not the municipal assessment, not an online estimate — a proper appraisal.
Lender Comparison
I compare all four Canadian reverse mortgage lenders: approved amount, rate structure, renewal terms, draw flexibility, and long-term cost — side by side.
You Choose the Structure
Lump sum, monthly deposits, draw as needed, or any combination. You also choose the lender and the rate term. The decision is yours.
Independent Legal Advice
Required for every Canadian reverse mortgage — not optional. Your own lawyer reviews the full mortgage documents with you before anything is signed. Cost: $350–$750, deducted from proceeds.
Funds Arrive. Life Continues.
No monthly payment. No disruption to your routine. The balance grows semi-annually by law. Repaid only when you sell, move permanently, or pass away.
I'm a CFP First. That Changes the Conversation.
Most reverse mortgage discussions happen in isolation — product first, planning second. As a Chartered Financial Planner, I start from the other end. What are you trying to accomplish? What's your timeline? What does your full retirement picture look like?
That planning lens means the reverse mortgage conversation — if it happens at all — happens inside the right context. Sometimes a reverse mortgage is the right answer. Sometimes a HELOC is better. Sometimes neither product serves your situation and I'll tell you that upfront.
I work through Home N Work Mortgages with access to all four Canadian reverse mortgage lenders. No lender owns me. No product pays me more than another. The recommendation I make is the one I'd give a close friend or family member.
I serve British Columbia and Alberta. I wrote The Canada Reverse Mortgage Guide® — available on Amazon Canada.
A HELOC Has a Lower Rate. A Reverse Mortgage Has a Structure That Can't Be Taken Away From You.
For a retiree on a fixed income, those are not equal trade-offs.
Reverse Mortgage
- Monthly payment$0 required
- Rate5.5–7.5% typical
- CompoundingSemi-annual (required by law)
- Callable by lenderNo
- RecourseNo — no negative equity guarantee
- Income qualificationNot required
- StabilityGuaranteed while conditions are met
HELOC
- Monthly paymentRequired — interest on balance
- RateLower — prime + 0.5% typical
- CompoundingDaily calculation, monthly charge
- Callable by lenderYes — at any time, without notice
- RecourseYes — full recourse
- Income qualificationRequired — stress-tested
- StabilitySubject to lender policy at any time
The rate difference is real. What most comparisons miss is everything else — callability, recourse, income qualification, and the cash flow reality for someone living on CPP and OAS. That's where the decision actually lives.
Straight Answers. Real Results.
"We were drowning in credit card debt on a fixed pension income. The reverse mortgage cleared everything and we actually sleep at night now. I only wish we'd called sooner."
"I thought reverse mortgages were a scam. This guide changed my mind completely. The Canadian version is actually very well regulated and made sense for our situation."
"The free consultation was the best 30 minutes I've spent in years. No pushy sales — just honest answers. We ended up not doing a reverse mortgage and they were completely fine with that!"
Every Client Gets a Proper Written Analysis. Not a One-Pager.
Before you make any commitment, you'll have the full picture in writing.
All Four Canadian Lenders Compared Side by Side
Costs, rates, and terms.
Equity Projection at 3.5% CAGR
Based on historical growth rate for your area.
Recommended Product and Structure
Or a clear explanation of why we're recommending something else.
Your Retirement. Your Equity. Your Options.
Book a free 30-minute consultation. No obligation. Completely confidential. Greg responds within one business day.