Stay in your home. Access your equity. Live with freedom.
You've spent decades building equity in your home. A reverse mortgage can turn that equity into tax-free cash, without monthly payments, without selling, and without leaving the home you love.
55+
Minimum Age to Qualify
Up to 55%
of Home Value, Tax-Free
$0
Monthly Payments Required
100%
You Remain the Homeowner
What Is a Reverse Mortgage
Your home has been working for you.
Now let it pay you back.
A reverse mortgage is a loan available to Canadian homeowners aged 55 and older that allows you to access up to 55% of your home's current value as tax-free cash, without selling, without moving, and without making monthly mortgage payments.
Unlike a traditional mortgage or home equity line of credit, a reverse mortgage is specifically designed for retirement. You receive the funds as a lump sum, in regular instalments, or a combination of both. The loan is only repaid when you sell your home, move out permanently, or pass away.
"The money you receive is tax-free and does not affect your Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits."
On Vancouver Island, where property values in communities like Parksville and Qualicum Beach have risen significantly, many homeowners are sitting on substantial equity. A reverse mortgage is one way to access that wealth while staying exactly where you want to be.
The Process
How a reverse mortgage works in BC
From your first question to funds in your account, here is what the process looks like when you work with Jody.
Free Conversation
We start with a relaxed, no-pressure conversation about your situation, your goals, and whether a reverse mortgage is even the right fit. No obligation, ever.
Book Now →Review Your Options
Jody compares lenders — including CHIP by HomeEquity Bank and Equitable Bank, and walks you through the numbers, costs, and alternatives honestly.
Application & Appraisal
Once you're ready, Jody handles the application, coordinates the home appraisal, and manages the paperwork, keeping you informed at every step.
Funds Released
Approval typically takes a few weeks. Once complete, your tax-free funds are released, as a lump sum, regular payments, or a combination of both.
Is This Right for You?
Who a reverse mortgage
is designed for
A reverse mortgage is not the right solution for everyone — and Jody will tell you that honestly. But for the right homeowner, it can be genuinely life-changing.
Jody's reverse mortgage clients on Vancouver Island are typically homeowners who have significant equity built up over decades, but feel the pressure of rising living costs, fixed or reduced retirement income, or the weight of supporting family. They want to stay in their home. They want peace of mind. They want options.
COMMON REASONS
Eliminate Monthly Debt Payments
Use your reverse mortgage to pay off your existing mortgage, credit cards, or lines of credit — freeing up hundreds or thousands each month.
Supplement Retirement Income
Receive regular monthly payments from your home equity to cover living expenses, travel, or simply breathe easier in retirement.
Fund Home Renovations
Make the modifications you need — a stair lift, accessible bathroom, updated kitchen — to stay in your home safely and comfortably for years to come.
Support Your Family
Help a child with a down payment, assist with grandchildren's education, or provide support to family without drawing down your retirement savings.
Create a Financial Safety Net
Access a lump sum or line of credit to hold in reserve for unexpected healthcare costs, home repairs, or other expenses that arise in retirement.
Key Benefits
What makes a reverse mortgage
different from other options
Unlike a HELOC or refinance, a reverse mortgage is built specifically for retirement, with no monthly payments and no risk of losing your home.
Tax-Free Cash
The funds you receive from a reverse mortgage are completely tax-free and are not considered income by the CRA. They will not reduce your OAS, GIS, or other government benefits.
No Monthly Payments
You are never required to make monthly mortgage payments. Interest accrues to the loan balance, and the full amount is only repaid when the home is sold or you move out permanently.
You Stay in Your Home
You remain the registered owner of your property. As long as you maintain the home, keep taxes and insurance current, and live there as your primary residence, it is yours.
No Negative Equity Guarantee
Both CHIP and Equitable Bank offer a No Negative Equity Guarantee — meaning you or your estate will never owe more than the fair market value of the home at the time of repayment.
Flexible Payout Options
Choose how you receive your funds — a one-time lump sum, regular monthly payments, a combination of both, or a planned advance structure that suits your needs.
Independent Advice
As an independent mortgage broker, Jody is not tied to any one lender. She compares your options, explains the tradeoffs honestly, and helps you decide if this is truly the right path.
⎯ Jody's Philosophy
I educate.
I don't sell.
Reverse mortgages are a significant financial decision — one that affects not just you, but potentially your family and your estate. That is why Jody's approach has always been to educate first and let you decide.
With over 30 years of experience as a mortgage broker on Vancouver Island, Jody has guided hundreds of clients through some of the most important financial decisions of their lives. Her reverse mortgage clients trust her not because she pushes a product, but because she takes the time to understand their full picture — their goals, their concerns, their family dynamics — and gives them honest, complete information.
Many of Jody's reverse mortgage clients come through referrals from adult children who want to make sure their parents are getting the right advice from someone they can trust.
Available Lenders
Canada's reverse mortgage
lenders compared
As an independent broker, Jody works with both of Canada's federally regulated reverse
mortgage lenders, and helps you choose the right one for your situation.
CHIP by HomeEquity Bank
Canada's original and most established reverse mortgage product, available since 1986. HomeEquity Bank is a federally regulated Canadian bank offering the CHIP Reverse Mortgage and CHIP Max across Canada through licensed mortgage brokers.
CHIP is well-known for its No Negative Equity Guarantee and flexible payout options including lump sum, regular advances, and planned advance structures.
Equitable Bank
Equitable Bank entered the reverse mortgage market as a competitive alternative to CHIP, offering its own reverse mortgage product with competitive rates and terms for eligible homeowners aged 55 and older in BC and across Canada.
Comparing both lenders is one of the key advantages of working with an independent broker like Jody rather than going directly to a single institution.
⎯ Common Questions ⎯
Frequently asked questions about
reverse mortgages in BC
These are the questions Jody hears most often. If yours isn't here, she is always happy to answer it directly.
What is a reverse mortgage in Canada?
A reverse mortgage is a loan for homeowners aged 55 and older that lets you access up to 55% of your home's value as tax-free cash — without selling your home or making monthly payments. The loan is repaid when you sell, move out, or pass away.
Who qualifies for a reverse mortgage on Vancouver Island?
To qualify, you must be at least 55 years old, own your home as your primary residence, and have sufficient equity. Both you and any co-borrowers on title must meet the age requirement. The older you are and the more equity you hold, the more you may be able to access.
Do I still own my home with a reverse mortgage?
Yes — always. You remain the registered owner of your property. You simply need to maintain the home, keep property taxes and insurance current, and continue living there as your primary residence.
How much can I borrow with a reverse mortgage in BC?
In Canada, you can generally access up to 55% of your home's appraised value. The exact amount depends on your age, your home's value, its location, and the lender. On Vancouver Island, where property values have risen significantly, many homeowners qualify for substantial amounts.
Will a reverse mortgage affect my OAS or GIS?
You can typically access between 15% and 55% of your home's appraised value. The exact amount depends on your age, your spouse's age if applicable, the type and location of the property, and current interest rates. Generally, the older you are, the more you can access. The best way to find your specific number is to have a conversation — I can give you a realistic estimate based on your situation quickly and with no obligation.
Is the money from a reverse mortgage taxable?
No. Funds from a reverse mortgage are considered loan proceeds, not income, so they are not subject to income tax. They also do not affect your eligibility for income-tested government benefits such as Old Age Security (OAS) or the Guaranteed Income Supplement (GIS). As always, I recommend speaking with your accountant or financial advisor about your specific situation.
What happens when I pass away or sell my home?
The reverse mortgage becomes due when you sell your home, move out permanently, or the last borrower passes away. Your estate repays the loan balance (principal plus accrued interest). Any remaining equity belongs to you or your heirs.
What is the No Negative Equity Guarantee?
Both CHIP (HomeEquity Bank) and Equitable Bank offer a No Negative Equity Guarantee — meaning you or your estate will never owe more than the fair market value of the home at the time of repayment, provided you have met all the conditions of the mortgage.
Is a reverse mortgage the right option for me?
That depends entirely on your situation. A reverse mortgage is not right for everyone, but for the right homeowner it can provide genuine peace of mind and financial freedom. Jody's role is to help you understand all your options honestly — including whether a HELOC, refinance, or downsizing might be a better fit.
