Reverse Mortgages in Langley and Chilliwack, BC
Serving the Fraser Valley and all of BC, unlock home equity with no regular mortgage payments while you live in your home
Yes I am interested in learning more about CHIP Reverse Mortgages
What is a Reverse Mortgage?
It's a financial solution designed for Senior Canadian homeowners
If you are 55+ and own a home in Langley, Chilliwack, or anywhere across the Fraser Valley, a CHIP reverse mortgage may help you turn some of your home equity into tax-free cash, without having to make regular mortgage payments while you live in your home. For many homeowners, it is a way to create breathing room in retirement while staying in the place they love.
A reverse mortgage is not a fit for everyone, and that is exactly why we keep the conversation simple and honest. We will walk you through how it works, what it costs, how interest is added over time, and what happens later if you sell, move, or downsize. You will always know the trade-offs before you decide.
Many clients use a reverse mortgage to pay off an existing mortgage, reduce monthly expenses, fund renovations for aging in place, or help family without draining savings. If your goal is to reduce payments right away, you may also want to compare options like mortgage refinancing or debt consolidation, we can help you line up the right strategy for your needs.
If you are ready to explore numbers, you can start with our mortgage calculators, then connect with our trusted BC mortgage team for a clear recommendation.
Reverse Mortgage Quick-Facts and Features for those in BC
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1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
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2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
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3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
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Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
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Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
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No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
Case Study, A Fraser Valley Retirement Plan That Kept the Home, and Reduced Monthly Pressure
Scenario: A homeowner in the Fraser Valley wanted to stay in their home long-term, but monthly costs were climbing. They had an existing mortgage balance and did not want to sell, downsize, or rely on family for support.
What we did: We compared a CHIP reverse mortgage to other options, including a refinance, then explained the real pros and cons in plain language. We reviewed eligibility, home value, and how proceeds could be used, and we set clear expectations around fees, interest, and what happens later if the homeowner sells or moves.
Result: The homeowner chose a path that improved monthly cash flow, preserved lifestyle, and created a clear plan for the future. They felt confident because they understood the costs and the long-term impact before moving forward.
- Clear comparison of reverse mortgage vs refinance
- Better monthly breathing room while staying in the home
- A plan that supported long-term retirement goals
Quick Answers About CHIP Reverse Mortgages in the Fraser Valley
Common questions from homeowners in Langley, Chilliwack, Surrey, Abbotsford, Mission, and across BC.
What is a CHIP reverse mortgage, in simple terms?
A CHIP reverse mortgage lets eligible Canadian homeowners access some of their home equity as cash. Unlike a traditional mortgage, you are not required to make regular payments while you or your spouse live in the home.
Who qualifies for a CHIP reverse mortgage in Langley, Chilliwack, and the Fraser Valley?
Eligibility is commonly based on being 55+ and owning a primary residence in Canada. The exact amount available depends on factors like age and home value, and we can quickly confirm what is realistic for your property in the Fraser Valley.
Do I still own my home if I take a reverse mortgage?
Yes, you maintain ownership. You are typically required to keep the home maintained and stay current on property taxes and insurance while you live there.
Do I have to make mortgage payments with a CHIP reverse mortgage?
Regular mortgage payments are not required while you or your spouse live in the home. The amount becomes due when the home is sold or when you both no longer live in the property.
Is the money I receive taxable, and does it affect OAS or GIS?
The funds are commonly positioned as tax-free, and the page notes that OAS and GIS are not affected. We will still review your full picture to make sure the strategy makes sense for your retirement plan.
How much equity can I access with a CHIP reverse mortgage in BC?
The page notes that eligible homeowners can access up to 55% of the value of their home, depending on qualification. We can estimate a realistic range for your home in Langley, Chilliwack, or nearby Fraser Valley communities.
Can I use the funds to pay off my existing mortgage or other debts?
Often, yes. Many homeowners use reverse mortgage proceeds to pay off an existing mortgage or reduce monthly expenses. If debt reduction is your main goal, we can also compare options like debt consolidation and refinancing.
What happens if I want to sell, downsize, or move to assisted living later?
A reverse mortgage is typically repaid when the home is sold or when you no longer live in the home. We will help you plan around timing so you understand how a future move might impact your options.
Will a reverse mortgage leave anything for my estate or children?
It can. The page notes that many homeowners still have equity left when the reverse mortgage is repaid. That said, outcomes depend on the amount borrowed, time, interest, and home value changes, so we always walk you through a realistic scenario before you decide.
How do I get a clear answer on whether a CHIP reverse mortgage is right for me?
Start with a quick conversation about your goals, your home, and your monthly budget. You can also begin with our mortgage calculators, then connect with our trusted BC mortgage team to review options and next steps.
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