Most people would rather grow old in their own home. In BC that often means paying for things a pension was never built for: grab bars and a walk-in shower, a stair lift, a main-floor bedroom, or a few hours a day of in-home help. When the money is tied up in the house, a reverse mortgage is one way to pay for it without moving.
What people use it for
- Accessibility renovations: bathroom conversions, ramps, wider doors, stair lifts, main-floor living.
- Big repairs the lender expects anyway: roofs, windows, furnaces, drainage. Keeping the home in good repair is one of the loan obligations.
- In-home care: private home support, a live-in or live-out caregiver, or topping up what the health authority provides.
Borrow for the job, not the whole equity
Care costs come over years, not all at once. Some products let you take part of the approved amount now and draw the rest later, in minimum amounts, paying interest only on what you take. For care that can leave a lot more equity than taking a lump sum on day one, because every dollar borrowed today starts building interest today.
Need $60,000 for a bathroom and main-floor bedroom now, and maybe $60,000 for care in five years? Taking $120,000 on day one at 7% compounded twice a year means about $337,000 owed after 15 years. Taking $60,000 now and $60,000 in year five means about $288,000. Same money, roughly $49,000 less interest. Illustration only, not a quote.
Check the free money first
Before you borrow for accessibility work, check BC Housing's Rebate for Accessible Home Adaptations (BC RAHA). It offers up to $20,000 in rebates for eligible low and moderate income households where someone has a permanent disability or loss of ability. Funding is first come, first served and renews each April. Your health authority's home support program may also cover part of the cost of care.
Plan for the next step too
If care needs grow and the last borrower moves into long term care for good, a reverse mortgage comes due. Some lenders allow extra time or reduce prepayment charges in that case. If a spouse still lives in the home and is a borrower, the loan usually stays in place. If a spouse is not on the loan, it can come due even though they still live there, so check that before signing.
Compare the alternatives
- A HELOC, if you qualify and can make the payments
- Property tax deferment to free up cash flow
- Family help, or a family member moving in
- Selling and moving to a home or community that fits your needs better
Questions people ask
Can I use a reverse mortgage to pay for home care?
Yes. There are no restrictions on how you use the money. Many people use draw-as-needed products so they only borrow, and pay interest, when the care is actually needed.
Is there government help for accessibility renovations in BC?
BC Housing's Rebate for Accessible Home Adaptations offers up to $20,000 for eligible low and moderate income households. Check eligibility and funding availability at bchousing.org.
What happens if I move into long term care?
If you are the last borrower and you move out for good, the loan comes due. Lenders allow some time to repay, and some reduce prepayment charges in that case. Ask for the terms in writing.
About the author
Matt Blake is a licensed mortgage broker in British Columbia with BRX Mortgage Inc. He helps homeowners 55 and over, and their families, compare reverse mortgages with HELOCs, selling and downsizing, and he will tell you straight when a reverse mortgage is the wrong move.
Licence MB600487 · BRX Mortgage Inc., brokerage licence X301291 · Last reviewed October 2026
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