Question 1

How does a reverse mortgage work in Alberta?

Accepted Answer

The same federal product rules apply as in the rest of Canada: you borrow against a primary residence, interest accrues, and you typically make no required P&I payment while you live there. Alberta’s lack of provincial land-transfer tax matters more if the better path is a regular refinance. Artisan will compare both.

Question 2

Is a CHIP reverse mortgage the only option?

Accepted Answer

No. CHIP is HomeEquity Bank’s brand and the name people search. Equitable Bank and other institutions also offer reverse mortgages. A broker’s job is to say whether any reverse product beats a refinance, a HELOC, or a sale.

Question 3

What are the dangers of a reverse mortgage in Canada?

Accepted Answer

Interest compounds against the equity your estate would have received. Fees and a higher rate than a prime mortgage are normal. If you or a spouse might need to move in a few years, the cost of entering and exiting can erase the benefit. Read the FCAC page before you sign.