4.99% reverse mortgage promo extended to Oct. 16

Canadian homeowners 55 and older now have until Oct. 16 to lock in a 4.99% promotional reverse mortgage rate that started Sept. 1. The extension matters because the rate remains more than a full percentage point below standard pricing, but the window is still limited.

Why it matters: - Canadian homeowners 55 and older have a longer window to secure a 4.99% reverse mortgage rate. - The promotion remains more than 1 percentage point below standard reverse mortgage pricing, which is around 6.28% to 6.29% after July lender cuts. - The extension could help borrowers who missed the original deadline or need more time to complete underwriting.

What happened: - The 4.99% promotional reverse mortgage rate launched Sept. 1, 2026, and has been extended to Oct. 16, 2026. - The original deadline was Sept. 30. - The extension applies across Canada. - The rate itself did not change; only the application window did.

The details: - After Oct. 16, rates are expected to return to regular levels. - If an application already started in September, the borrower can continue under the original terms. - Reverse Mortgage Pros said reverse mortgage applications take time to underwrite, so borrowers should not wait until the last minute. - Mich Sneddon, CPA, CA, founder and principal broker of Reverse Mortgage Pros Inc., said promo-rate extensions often happen when a lender wants more time to handle application volume. - Sneddon said the new deadline still matters and borrowers should not assume another extension will follow. - Reverse Mortgage Pros pointed readers to more information on its website. - Sneddon also posted a video overview of the 4.99% rate on the Reverse Mortgage Pros YouTube page.

Between the lines: - The extension suggests the lender saw enough demand to keep the promotion alive a little longer. - The tighter deadline still creates urgency, since borrowers may need time to move through underwriting before the offer expires. - Sneddon’s comments frame the move as a practical window extension, not a new pricing shift.

What's next: - Borrowers who want the promotional rate need to start the process before Oct. 16. - Standard reverse mortgage rates are expected to resume after the promotion ends. - More extensions are possible in the market, but Sneddon cautioned not to count on one.