What is Bloom Finance Company?
Bloom is a Canadian company that uses technology and customer-centric innovation to deliver simple, seamless financial solutions to 55+ Canadians.
What does Bloom Finance Company offer?
Bloom offers home equity releases and reverse mortgages.
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.
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.
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 is the interest rate on a Bloom Finance Company loan?
The interest rate on a Bloom loan is between 4% and 5%.
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.
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.
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.
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.