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Bloom Finance Company

Avg. Rating: 5.0 (3 reviews)

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.

We were 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. Our mission is to help 55+ homeowners find financial flexibility in what should be the springtime of their lives.

Click here to visit the the Bloom Finance Company website.

TIME IN BUSINESS: Since 2019
LOANS OFFERED: Home Equity Release, Reverse Mortgage Solutions

Visit site and apply

1-866-491-2186

info@bloomfin.ca 147 Liberty Street, Toronto ON

Call Center: Mon - Fri 8am - 6pm + evening and weekend callbacks

Support Offered:

Email
Social Media
Phone

Availability: Ontario and British Columbia

Products Offered

Below are all the products offered by this company.

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 & Issuance

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.

Videos

Articles About Bloom Finance Company

Reverse Mortgages: A Post-Retirement Option to Access Your Wealth

By Mashoka Maimona

Mashoka is a journalist for the London Press and the National Post, currently specializing in finance, business and technology.

Frequently Asked Questions About Bloom Finance Company

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.