Chris Shortt
Mortgage Broker
BRX Mortgage Inc.
BCFSA X301291
Licence MB612777
55 and over
I am a mortgage broker in Nanaimo helping homeowners 55 and over across Vancouver Island, including Parksville, Qualicum Beach, Ladysmith and the Comox Valley, work out how to use the value in their home. A reverse mortgage is one option. It is not always the right one.
A reverse mortgage is one way to use the value in your home. It is worth comparing with the others before deciding.
| Option | Monthly payments | Worth knowing |
|---|---|---|
| Reverse mortgage | Usually none until you sell or move | Rates are typically higher than a regular mortgage, and the balance grows over time. |
| Home equity line of credit | Yes, usually at least the interest | You borrow only what you need, but you generally need enough income to qualify. |
| Refinance | Yes | Replaces your mortgage with a larger one. Income and the stress test usually apply. |
| Downsizing | Depends on the new home | Frees up cash with no new debt, but involves moving costs and transfer tax on the next home. |
The right choice depends on your income, your plans for the home, and what you want to leave behind. Sometimes it is not a reverse mortgage at all, and I will tell you if that is the case.
Only a small number of lenders offer reverse mortgages in Canada, and their terms differ. These are the general features.
| Age | Generally 55 or older, for everyone on title. |
| The home | Usually must be your principal residence. Main lenders often set a minimum home value of around $250,000. |
| How much | Up to around 55% of the home's value at the top end. Younger borrowers usually qualify for less. |
| Payments | No regular payments are usually required. The loan is repaid when you sell, move out, or pass away. |
| Costs | Rates are typically higher than a regular mortgage, and there are usually appraisal, legal and setup costs. |
| What you keep doing | Paying property taxes and home insurance, and keeping the home in good repair. |
| Do I still own my home? | Yes. The home stays in your name. |
| What happens when I pass away? | The loan is typically repaid from the sale of the home, and the remaining equity goes to your estate. Some products include a guarantee that you will not owe more than the home is worth when sold, subject to conditions. |
| I still have a mortgage. Can I get one? | Often yes. Your existing mortgage is usually paid off first from the money you receive. |
| Will it affect my children? | It reduces the equity left in the home, so it is worth talking about as a family before deciding. |
| Property tax deferment | BC lets homeowners 55 and over defer their annual property taxes until the home is sold. From the 2026 tax year, newly deferred taxes carry a higher, compounding interest rate than before, so it is worth comparing against your other options. |
| Buying a newly built home | If you are downsizing into a new build, you may qualify for BC's newly built home transfer tax exemption, which is not limited to first-time buyers. Price limits and conditions apply. |
Decisions about a home are often better made together. You are welcome to include your children, a friend, or your financial advisor. It helps everyone hear the same explanation at the same time.
If you would rather talk than book online, just call me on 250 802 5979.
These are general examples based on rules and lender terms as of autumn 2026. Terms vary between lenders and change over time, and every situation is different. I will confirm what applies to you.
Nothing to fill in first, and no credit check to book. Bring whatever questions you have got.