Time in business:
Loans offered:
Bloom is a Canadian company that uses technology and customer-centric innovation to deliver simple, seamless financial solutions to 55+ Canadians.
Products Offered
AMOUNT
$20K - $2M (Reverse Mortgage)
INTEREST RATE
4 - 5% (Ages 55+ only)
TERMS
Lifetime (Must be 55+ to qualify)
Home Equity Release
Summary
Bloom is a modern finance company that provides the simplest solution for Canadians to unlock some of the equity in their home through a reverse mortgage.
Conditions & Rates
Interest Rate
4% – 5%
Amount
$20,000 – $2,000,000
Term
Lifetime
Eligibility & Documents
- All borrowers on title must be 55 years of age or older.
- Property must be owner-occupied principal residence.
You must provide:
- ID
- Void cheque
- Copy of property tax statement
- Copy of home insurance statement
Do I need good credit to be eligible?
Since there are no regular payments required, your credit score is not as important when determining eligibility for a Home Equity Release as it is for other mortgage products. Bloom offers solutions to customers with a wide range of credit histories.
Repayment & Insurance
How fast can you get the money
24 hours
How does repayment work
No payments required until the borrower passes away or moves out of the home.
Funding method
With the help of a lawyer, you’ll finalize the paperwork and the cash will be deposited into your bank account.
Contact information
info@bloomfin.ca- 147 Liberty Street, Toronto ON
Availability:
Ontario and British ColumbiaSupport Offered:
- Social Media
- Phone
Call Center:
Mon - Fri 8am - 6pm + evening and weekend callbacksFrequently Asked Questions About Bloom Finance Company
What is Bloom Finance Company?
Is Bloom Finance Company safe?
Bloom Finance Company was founded in 2019, with the belief that 55+ Canadians could increasingly flourish in retirement if they looked to the wealth in their homes as part of their overall retirement strategy.
How much could I be eligible for?
Bloom offers home equity releases (sometimes referred to as reverse mortgages) between $20,000 and $2,000,0000. You can try their Free Calculator to get a rough idea of what you could unlock by going to their website. Or better yet, give them a call at 1-866-882-5666 and your Bloom Customer Advocate can give you your no obligation quote.
What can I do with the money from Bloom Finance Company?
It’s your home, your retirement, and your money. The wealth you unlock from your home is yours to do with what you wish. Some customers use their Bloom Home Equity Release to help support general expenses, give a living inheritance to their loved ones, fund home renovations, or pay for a dream vacation. But you’re in control.
If there are no regular payments, how is the mortgage paid back?
It’s simple – for as long as you wish to stay in your home, no payments are due to Bloom as long as you keep up with your other obligations like maintaining home insurance and paying property tax. When you leave your home – either because you pass away, or move – the loan balance becomes payable. Most borrowers pay for this out of the proceeds from the sale of their home, or by refinancing with another mortgage.
What does Bloom Finance Company offer?
Bloom offers home equity releases and reverse mortgages.
What is Bloom Finance Company's mission?
Bloom Finance Company's mission is to help 55+ homeowners find financial flexibility in what should be the springtime of their lives.
What is the interest rate on a Bloom Finance Company loan?
The interest rate on a Bloom loan is between 4% and 5%.
What's the cost to me?
Your Bloom Home Equity Release will accrue interest, which is simply added to the balance over time. Additionally, at the time the mortgage is funded, a processing and appraisal fee will be deducted from your proceeds.
How does Bloom Finance Company work?
You provide Bloom with some information about yourself and your home. They will let you know how much of your home value you can unlock - up to 55%! A low, friendly interest rate is applied, and interest is simply added to the balance. The balance becomes due when the last homeowner passes away or moves from the home.
Bloom Finance Company Reviews
Avg. Rating: 4.9 (9 reviews)
Thank you Bloom!
June 30, 2021
“The staff at Bloom Finance Company is very knowledgeable and they were able to answer all my questions about a home equity release and how it would work. Thank you!”
Sarah Andrews
September 17, 2021
“Working with Sarah Andrews was a complete pleasure. She is friendly, efficient and very patient. I would highly recommend Sarah and Bloom to friends and family. Thank you!!”
Wonderful customer service
October 24, 2021
“Just started looking at reverse mortgages and called Bloom to better understand the process. While I am not ready to make the move yet, the Bloom representative was very patient in answering all of my questions . I will definitely reach back out to Bloom when I am ready to pursue a reverse mortgage. Top notch customer service!”
So Helpful
February 5, 2023
“From my initial website query through to the receipt of my mortgage funds, Bloom supported me with phone calls and emails. Thank you, Bob for responding so quickly and professionally to my many questions.”
Fast Mortgage from Bloom
February 5, 2023
“Bloom Finance was very quick in getting my reverse mortgage completed. It was the quickest mortgage that I had ever got. I was able to lock in my mortgage before the rate increase. I would recommend Bloom Finance.”
Highly recommended
February 5, 2023
“While beginning my research into a reverse mortgage I found the customer service representative at Bloom to be very patient and helpful in answering all of my questions, in a straight forward, professional manner. I would highly recommend Bloom to others looking to better understand if a reverse mortgage is right for them. ”
Unlocked Home Equity, Boosted My Cash Flow
May 23, 2025
“They helped me unlock value from my home and increase my monthly cash flow.”
Perfect for Seniors – Easy and Helpful
May 23, 2025
“Helpful team and quick application. Would recommend Bloom to other seniors.”
Reverse Mortgage Made Simple
May 23, 2025
“Bloom made the reverse mortgage process simple and comfortable. Great service!”
