The Smartest Client I Ever Had

By Adriana Wise · Wise Victoria Mortgages

In fourteen years of working with reverse mortgage clients, one woman stands out more than any other. Not because her situation was the most complex or her numbers were the largest — but because she understood something that most people miss entirely.

Margaret was 74 when she first came to see us. Retired schoolteacher. Home in Oak Bay worth about $1.2 million, fully paid off. CPP, OAS, a teacher's pension — she was comfortable. Not wealthy, but not struggling.

That's what made her different. Most people who call us about a reverse mortgage are in some kind of financial bind. They need the money. Margaret didn't need anything. She wanted something.

What She Wanted

Margaret had a list. It wasn't long, but it was specific. She wanted to take her two grandchildren to Europe for a month. She wanted to replace the 22-year-old kitchen that she'd been meaning to renovate for a decade. She wanted to give her daughter $50,000 toward a down payment on a home in the Westshore — now, while it would make a difference, not as an inheritance years from now.

She'd done her homework. She knew reverse mortgage rates were higher than a HELOC. She knew the interest would compound. She'd read the cautionary articles. And she'd done the math anyway.

The Math That Changed Her Mind

"Adriana," she told me, "I have $1.2 million in equity sitting in a house. If I take out $200,000 and it costs me $300,000 in interest over fifteen years, I'll still have a house worth $1.8 million by then, assuming even modest appreciation. That leaves my children with over $1.3 million. They won't miss the money. But my granddaughters will remember that trip to Italy for the rest of their lives."

She was right. The math worked. More importantly, the life math worked. Margaret wasn't being reckless. She was being strategic — using a financial tool to convert locked-up equity into lived experiences and meaningful family support, while still preserving the vast majority of her estate.

Permission to Live

What Margaret taught me is that the reverse mortgage conversation isn't always about solving a problem. Sometimes it's about giving yourself permission to enjoy the wealth you've spent a lifetime building. Too many homeowners sit on seven-figure properties, pinching pennies from a fixed income, planning to leave it all to children who would rather see their parents enjoying life now.

Margaret's daughter, by the way, told us later that the $50,000 for the down payment changed her family's life. They went from renting to owning — and that wouldn't have happened if Margaret had waited to pass it on as an inheritance. The money was worth more now than it would have been later.

Not for Everyone — But Worth Considering

I'm not suggesting everyone should take a reverse mortgage to fund a vacation. Margaret's situation was specific: she had substantial equity, modest needs, a clear plan for the funds, and a thorough understanding of the costs. She made an informed, deliberate decision.

But if you're sitting in a paid-off home, living more carefully than you need to, and wondering whether there's a way to enjoy your retirement a little more without selling the house you love — that conversation is worth having.