4.99% Promotional Reverse Mortgage Rate Extended to October 16th

Canadian homeowners 55 and older just got a bit more time - the 4.99% promotional reverse mortgage rate has been pushed out to October 16

TORONTO, ON, CANADA, October 2, 2026 /EINPresswire.com/ -- The limited-time 4.99% reverse mortgage rate that rolled out across Canada on September 1 will stay available for another two and a half weeks.

After October 16, rates are expected to go back to regular levels.

That promotional rate was already a big drop - more than a full percentage point under the standard reverse mortgage rates, which are sitting around 6.28% to 6.29% after the lender cuts in July.

The extension doesn’t change the rate. It just gives people more time to lock it in.

“We’ve seen this before,” said Mich Sneddon, CPA, CA, Founder and Principal Broker of Reverse Mortgage Pros Inc. “A strong promo rate gets extended when the lender likes the volume it’s bringing in. It generally means they weren't able to deal with all the applications in time, so are giving folks more time. That's good news if you missed the first deadline, but I wouldn’t count on it getting pushed again. These things eventually end.”

Rate extensions like this happen fairly often in this market.

“It’s the same logic as last month,” Sneddon said. “This is a lender call, pure and simple. That’s why the new deadline still matters. Don’t assume there’ll be another extension after this one.”

If you already started the application process in September, you’re fine - you can keep going under the original terms.

If you haven’t started yet, you’ve got until October 16.

Reverse mortgage applications take time to underwrite, so the team at Reverse Mortgage Pros is telling people not to wait until the last minute.

Key Facts:

- 4.99% promotional rate, launched September 1, 2026, has been extended
- New deadline is October 16, 2026 (was September 30)
- Rate itself stays the same - only the window got longer
- Still more than 1% below regular pricing (around 6.28%–6.29%)
- Standard rates expected to return after the promo ends
- Best to start the process soon because underwriting isn’t instant

You can find more information on this 4.99% promotion rate on the Reverse Mortgage Pros website. Sneddon has also provided a video overview of the 4.99% rate and how it works on the Reverse Mortgage Pros YouTube page.

Michael Sneddon
Reverse Mortgage Pros
+16476549032 ext.
email us here
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4.99% Promotional Rate Video Explanation