A heat pump including an integrated system for the management of refrigerant charge is provided. The heat pump includes an indoor line and an outdoor line that are connected to a compressor through a reversing valve. Refrigerant charge is managed by coupling the inactive line to the suction side of the compressor. For example, the heat pump can include an expansion valve to couple the inactive line to the compressor to supplement the flow-rate of refrigerant. The heat pump is operable in a dedicated water heating mode and a space cooling and water heating mode in some embodiments, while other modes of operation are contemplated in other embodiments.