Lender History:
Bloom Finance, founded in 2019, offers reverse mortgages to Canadian homeowners aged 55 and over. Their goal is to help seniors access the equity in their homes to fund retirement while staying in their residences. Through Bloom’s reverse mortgage, homeowners can unlock up to 55% of their home’s value in tax-free cash without making monthly payments, unless they choose to. Payments are deferred until the homeowner sells the home, moves, or passes away. The company operates primarily in Ontario, Alberta, and British Columbia and aims to provide financial flexibility for retirees.
Client Niches
Bloom Financial specializes in reverse mortgages designed to help Canadian homeowners aged 55+ unlock the value of their home. As a competitive alternative to the CHIP Reverse Mortgage, Bloom offers added flexibility with the option to receive funds as a lump sum, monthly payments, or a combination of both. It’s a simple, tailored solution for retirees looking to boost their cash flow while staying in the home they love.
Factors to consider:
Bloom Financial’s reverse mortgage can be a great tool when used strategically, especially for retirees looking to access home equity without selling their home. However, it’s important to note that interest rates are typically higher than a traditional HELOC. If possible, it’s wise to set up a HELOC before retiring, or explore special HELOC programs available post-retirement, before committing to a reverse mortgage. Understanding all your options can help you choose the solution that best fits your long-term goals.
Contact Information and Links for Bloom:
Head Office Location:
147 Liberty St., Toronto ON, M6K 3G3
