Interviews

Reverse Mortgages in Canada | Interview with Ben McCabe from Bloom Finance Company

Ben McCabe is the founder of Bloom Finance Company, a finance company that provides reverse mortgages.

In our interview, we dive deep into the topic of reverse mortgages and detail how they work, misconceptions and eligibility. Ben answers common questions like what happens when the home value appreciates, what happens when clients pass on and whether it’s still possible to pass the house down to family members.

Video Contents:

00:00 – Intro
1:07 – Ben’s Professional Journey
3:08 – What Is A Reverse Mortgage & How Does It Work?
4:38 – Misconceptions About Reverse Mortgages
6:28 – What Happens If The Home Appreciates in Value?
7:22 – What Happens If Owed Mortgage Balance Exceeds The Value Of The Home?
9:45 – Eligibility & The Process of Getting Approved
10:57 – How Much Money Are You Eligible For?
11:27 – What Happens When Client Passes On
12:30 – Advice For People Approaching Retirement
13:49 – Thoughts On Downsizing
14:37 – Reverse Mortgage and Passing Down a House To Family
15:36 – Are The Proceeds Taxable?
16:00 – What Can You Do With Money From a Reverse Mortgage?
17:33 – What’s Next For Bloom?
18:07 – New Products
18:53 – Where To Find More Info

————————————————–

To learn more about Bloom Finance Company, please visit https://smarter.loans/lenders/bloom-f…

Looking to learn more about reverse mortgages? If so, please visit https://smarter.loans/reverse-mortgages/

For residential mortgages, please visit https://smarter.loans/residential-mortgages/

For mortgage refinancing, please visit https://smarter.loans/mortgage-refinancing/

Smarter Loans Staff

The Smarter Loans Staff is made up of writers, researchers, journalists, business leaders and industry experts who carefully research, analyze and produce Canada's highest quality content when it comes to money matters, on behalf of Smarter Loans. While we cannot possibly name every person involved in the process, we collectively credit them as Smarter Loans Writing Staff. Our work has been featured in the Toronto Star, National Post and many other publications. Today, Smarter Loans is recognized in Canada as the go-to destination for financial education, and was named the "GPS of Fintech Lending" by the Toronto Star in 2019.