The limited-time rate of 4.99% is only until September 30 – giving Canadian homeowners 55+ a chance to lock in a great deal on a reverse mortgage.
A new, limited time promotional reverse mortgage rate of 4.99% has launched in Canada for homeowners aged 55 and over.
Rates like this don’t come around often, and they don’t stay around long”
— Mich Sneddon, CPA, CA
It’s one of the lowest reverse mortgage rates launched in a while and is scheduled to end on September 30, 2026. After that, pricing is expected to return to standard levels.
The offer comes just weeks after standard 5-year fixed reverse mortgage rates dropped to roughly 6.28%–6.29% following lender cuts in July 2026. At 4.99%, the promotional rate is more than a full percentage point lower.
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“Rates like this don’t come around often, and they don’t stay around long,” said Mich Sneddon, CPA, CA, Founder and Principal Broker of Reverse Mortgage Pros. “We just finished telling homeowners about a 0.25% drop in July. This is a different scale of move entirely. Anyone who’s been sitting on the fence about a reverse mortgage should at least find out whether they qualify before this offer expires.”
Promotional rates are typically used by lenders to drive volume rather than signal a lasting change in the cost of funds.
The July cut showed lenders will compete hard on price when they want new business. This time-limited offer follows the same pattern, only with a bigger discount and a firm deadline.
“The pattern is consistent with what we saw in July — a lender pushing hard for volume,” Sneddon said. “The difference this time is the size of the discount and the firm end date. That combination is what makes this worth acting on rather than waiting to see what happens next.”
For homeowners 55 and over considering a reverse mortgage, the lower rate reduces the ongoing interest cost for as long as the promotional pricing applies. Because applications and underwriting take time, Reverse Mortgage Pros recommends starting the process well before the September 30 deadline.
Key facts:
• Promotional rate of 4.99% now available, mainly in larger urban centres in BC, Ontario, and Alberta
• Offer runs until September 30, 2026
• More than 1% below current standard rates (approx. 6.28%–6.29%)
• Standard rates expected to return after the promotional period
• Early application is advised due to underwriting timelines
Homeowners 55 and over can check in about 90 seconds whether they qualify for the promotional rate and compare lenders, options, and costs with a free, no-obligation assessment from Reverse Mortgage Pros at ReverseMortgagePros.ca/Assessment.
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