Reverse Mortgage Lenders In British Columbia Said “No”?

    Reverse mortgages in British Columbia are a type of mortgage loan which address an older category of homeowners, allowing them to borrow money by using their homes to secure the loan. What makes reverse mortgages so appealing to many people it’s that this particular type of loan allows them to keep the ownership of the house without the added stress of monthly payments. A reverse mortgage can be a great product for clients who are 55 years or older, but that doesn’t mean that it will also be the best choice for you too. If you are wondering which type of loan would be more suitable for your needs, we provide options through both banks & alternative mortgage lenders that enable home owners to access funds using the equity saved up in your home.

    Bank Alternatives 

    Select banks & credit unions have equity products that allow homeowners to access home equity without relying on traditional debt servicing. Your income has less to do with approval.

    To learn more, call us today!


    • You can sometimes qualify for a larger mortgage amount than a reverse mortgage
    • Low Bank Rates
    • Traditional Bank Terms
    • Significantly Lower Costs
    • Does not erode future home equity
    • Funds can be used to make or supplement payments


    • Payments are required
    • Credit scores must be good to qualify
    • May require additional assets to obtain funding higher than 50% of homes value

    Home Equity Alternative 

    Reverse mortgages are the best solution for someone searching for a long-term source of income while in comparison, home equity loans better fit the needs of clients who are looking for short-time cash which they can repay. A home equity loan allows you to borrow money up to a certain percent of your home’s value, an amount which in some cases can be even higher than a reverse mortgage’s limit. When the options of a reverse mortgage or equity loan through a bank doesn’t fit we have private lending to consider.


    • Will register behind a 1st mortgage. A blended rate calculator can help you see if the rate of a 1st & 2nd mortgage is actually cheaper than obtaining a reverse mortgage.
    • Allows you to access significantly more home equity than the reverse mortgage programs in British Columbia.
    • Does not rely on income or credit to qualify.
    • Will consider smaller markets at reduced loan to values.


    • Interest Rates are Higher than traditional Lending & Reverse Mortgage Lending
    • Higher registration & administration costs than traditional lenders
    • Estate issues if passing away

    Second Mortgage Behind a Reverse Mortgage In British Columbia?

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    We have private lenders that will consider Second Mortgages behind a Reverse Mortgage. Lenders will only renew 2nd mortgage for a few years. This is due to the 1st mortgage charge growing in front of the 2nd mortgage charge.

    There are two main lenders for reverse mortgages in British Columbia:

    1. CHIP HomEquity Bank. This is available across Canada through a mortgage broker or directly through HomEquity Bank.
    2. Equitable Bank has a product called PATH Home Plan. This product is only available in select Provinces.

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