4.99% Promotional Rate - Frequently Asked Questions (FAQ)

How long is the 4.99% rate good for?

This is a 1 year fixed rate - meaning the rate is fixed (cannot change for any reason) for 1 year.

Can I get this if I already have an existing reverse mortgage?

Yes, you can get this if you have an existing reverse mortgage.

But to do so you'd have to switch lenders.

There are additional costs and fees involved, so you need to make sure the savings on the 4.99% rate cover these to make it worthwhile.

I can run the numbers for you if you apply here (note this link is just for existing reverse mortgage holders - others can apply below).

When do I have to apply for and get the mortgage by?

Applications have to be received by 31st March 2026.

After applying you then have a bit of time to finalize the mortgage and receive the funds on the 4.99% rate.

If you're on the fence, I suggest applying to at least make sure you get your application in - doing so reserves the rate and reserves your spot on the promotion.

Do I get this rate on all the money I take?

As some folks are aware, you don't have to take all the reverse mortgage funds made available to you upfront.

You can take some now and some later.

However, only the funds you take now will be at the 4.99% rate - a different (higher) rate applies to any money you take on a future date.

Is this a sign that rates are coming down?

No, this is not a rate decrease nor a sign that rates are coming down.

It is a one-time promotion, after which the best rates are going to increase back to where they were before the promotion (around 6.5%).

What happens at the end of 1 year?

At the end of 1 year - when the promotional rate expires - you can renew the reverse mortgage on to a new rate or pay it off.

If paying it off, early payment penalties will apply.

For renewing it on to a new rate, the idea is that rates should have come down more by this time in a year's time - meaning you may be able to get a better rate than you can just now. However, some lenders apply premiums (hidden costs) on renewal - so you need to be careful about which lender you select for this promotion.

For more detail on your options, watch this video overview on the 4.99% promotional rate.

Are there additional costs or fees?

No, the costs and fees for applying for the 4.99% promotional rate are the same as applying for a regular reverse mortgage.

You can find detail on the costs & fees for a reverse mortgage here.

Can you give me a full explanation of how it works?

Yes! Check out this video I made explaining this offer: Detailed Explanation On The 4.99% Promotional Offer.