Bloom Finance Company

Smarter Loans Expert Review for Bloom Finance Company

Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans

Our Take

Bloom Finance Company is a modern Canadian lender focused exclusively on reverse mortgages and home equity release for homeowners aged 55 and older. Founded in 2019, Bloom was built around a clear belief: many Canadians entering retirement are asset-rich but cash-flow constrained, and their home equity can play a meaningful role in improving quality of life.

Unlike traditional lenders, Bloom is not concerned with monthly payments or debt-to-income ratios. Its reverse mortgage product allows eligible homeowners to unlock between $20,000 and $2,000,000 of their home’s equity with no required repayments for life, as long as they remain in the home.

Bloom positions itself as a simplified, transparent alternative to traditional reverse mortgage providers, with competitive rates, fast funding, and a digital-first experience supported by professional legal guidance.

Who Bloom Works Best For

Bloom works best for Canadian homeowners aged 55 and older who want to access their home equity without selling their property or taking on monthly mortgage payments. This includes retirees looking to supplement income, fund lifestyle expenses, cover healthcare costs, help family members, or simply improve financial flexibility in retirement.

It is particularly well suited for borrowers who may not qualify for traditional refinancing due to limited income in retirement. Because there are no required payments, credit score plays a much smaller role compared to standard mortgage products.

Bloom is not appropriate for younger homeowners, investors, or anyone looking for short-term financing. Reverse mortgages are long-term products and should be considered carefully as part of an overall retirement strategy.

What We Like

Simplicity is Bloom’s biggest strength. The product is easy to understand: no required monthly payments, competitive rates typically in the 4% to 5% range, and access to a meaningful portion of home equity while retaining ownership of the home.

We also like the inclusive approach to credit. Because repayment is deferred, Bloom ensures access for homeowners with a wide range of credit histories, removing a major barrier that often blocks retirees from traditional lending.

Speed is another positive. Funding can occur within 24 hours once documentation and legal steps are completed, which is notably fast for a mortgage-based product.

Finally, Bloom’s positioning around retirement planning rather than emergency borrowing helps frame reverse mortgages as a strategic financial tool rather than a last resort.

Where Bloom Could Improve

Reverse mortgages are inherently complex products with long-term implications. While Bloom simplifies the process, borrowers still need to fully understand how interest accrues over time and how it affects future equity.

Costs can add up over the long term. Even at relatively competitive rates, interest compounds for the life of the loan, which can significantly reduce the estate value passed on to heirs.

Additionally, reverse mortgages are not easily reversible without repayment, which limits flexibility if circumstances change or if the homeowner later decides to downsize.

Is Bloom Right For You?

Bloom can be an excellent option if you are 55 or older, own your home, and want to improve cash flow in retirement without monthly payment obligations. It works best when used thoughtfully as part of a broader retirement and estate plan.

If preserving maximum home equity for heirs is your top priority, or if you anticipate selling your home in the near future, other options such as downsizing or traditional refinancing may be more appropriate.

For Canadians looking to turn home equity into financial freedom during retirement, Bloom offers a modern, accessible, and well-positioned reverse mortgage solution.

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