Ep. 109 — Reverse Mortgages Canada Explained: Tax-Free Retirement Income from Your Home Equity

Reverse mortgages in Canada are one of the most misunderstood and underused financial tools available to homeowners 55 and older — and in Episode 109 of The Real Deal Pod, BC mortgage broker Geoff Lee delivers the most practical breakdown of how they actually work, who qualifies, and what they can do for cash-strapped but equity-rich BC homeowners in retirement. A couple bought their Vancouver home in 1985 for $125,000. It's worth $1.9 million today. They're $850 short every month in retirement. They don't want to sell. That's the problem reverse mortgages are designed to solve — and Geoff walks through five real case studies showing exactly how.

What you'll learn:

• What a reverse mortgage in Canada actually is — and what it isn't
• Who qualifies: 55+, primary residence, home worth $200K+, property taxes current
• How you receive the funds: lump sum, monthly payments, or on-demand draws of $5,000+
• The maximum you can access: up to 55% of your home's equity depending on age, location, and property type
• The tax question answered: reverse mortgage funds are NOT taxable and do NOT affect CPP, OAS, or GIS
• The myths busted: the bank does NOT own your home, your children are NOT necessarily losing their inheritance
• Five real case studies: retiring $850/month short, clearing $165K in debt, gifting a $150K down payment, funding a $80K accessibility renovation, and funding a $400K divorce buyout
• How home equity is your biggest hidden retirement fund — and why now is the time to understand it

Also in this episode: the August 2026 BC real estate stats (softest summer close in years), the Eclipse Condo Crisis legal update (consumer protection law holds against insolvency), and why BC homes are now $163K–$175K below their 2022 peak in real dollars.

Hosted by Allister Carrington | BC Realtor, KIC Realty | www.AllisterCarrington.com Co-hosted by Geoff Lee | BC Mortgage Broker, GLM Mortgage Group | www.GLMmortgage.com