Bloom Finance Company
Bloom Finance Company is a modern Canadian lender established in 2019, specializing in reverse mortgages and home equity release for homeowners aged 55 and older. They offer a simplified, transparent solution to unlock home equity without requiring monthly payments, focusing on financial flexibility in retirement.
Expert Review
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.
Our Take
Bloom Finance Company is a modern Canadian lender exclusively focused on reverse mortgages and home equity release for homeowners aged 55 and older. Founded in 2019, Bloom aims to help asset-rich but cash-flow constrained retirees leverage their home equity to improve their quality of life. They differentiate themselves from traditional lenders by not requiring monthly payments or focusing on debt-to-income ratios.
What We Like
- Simplicity of the product with no required monthly payments.
- Competitive rates, typically in the 4% to 5% range.
- Inclusive approach to credit, making it accessible to a wide range of credit histories.
- Fast funding, potentially within 24 hours after documentation and legal steps.
- Positions reverse mortgages as a strategic retirement planning tool.
Where to Improve
- Borrowers need to fully understand how interest accrues over time and its impact on future equity.
- Costs can add up over the long term due to compounding interest, potentially reducing estate value.
- Reverse mortgages are not easily reversible without repayment, limiting flexibility if circumstances change.
Verdict
Bloom offers a modern, accessible, and well-positioned reverse mortgage solution for Canadians looking to turn home equity into financial freedom during retirement. It is an excellent option for those 55 or older who own their home and desire improved cash flow without monthly payment obligations, especially when integrated thoughtfully into a broader retirement and estate plan.
Brand Signals & Trust
Years in Business
7+
Geographic Reach
Canada-wide
Product Diversity
1 product
Trust Badges
Quality Lender, Veteran Lender
Products Offered
Reverse Mortgage / Home Equity Release
Amount Range
$20,000 - $2,000,000
Interest Rate
4% - 5% (Ages 55+ only)
Term
Lifetime
Funding Speed
24 hours
Eligibility
- All borrowers on title must be 55 years of age or older.
- Property must be owner-occupied principal residence.
- Credit score is not as important due to no regular payments.
Google Reviews
40 Google reviews
Monday: 9:00 AM – 5:00 PM
Tuesday: 9:00 AM – 5:00 PM
Wednesday: 9:00 AM – 5:00 PM
+4 more days
Photos
Gavin lead me into the process and it went well. Lot of steps some of which I made harder than they needed to be. Old age and computers', right. Otherwise an easy move, The credit card is a great way to access funds.
I recently spoke with Gavin Smith of Bloom Finance, a reverse mortgage specialist. He provided a thorough explanation of the reverse mortgage process and assessed my eligibility for their service. Although I did not qualify for the amount I needed, I greatly appreciated his professional advice and exceptional attitude. Gavin is an excellent communicator, and his assistance left a positive impression despite the outcome.
My husband and I recently completed a Bloom Home Equity Reverse Mortgage with Gavin Smith. We were very impressed with his initial involvement and in particular his genuine interest and understanding he provided regarding our questions and concerns with the mortgage commitment process. We would highly recommend Gavin and Bloom Finance Company Ltd. as a result of our very positive experience we encountered with them.
Bloom Finance was the only Company that allowed us to qualify for a reverse mortgage. They also registered a higher amount over the initial draw of funds. This will allow us to access additional funds in the future, if needed. Gavin and Kindam were patient and helpful in guiding us through the process. They also suggested lawyers in our area who were familiar with reverse mortgages. Very satisfied and highly recommended!
We were looking for a 'CHIP Reverse Mortgage' and our experience with Bloom Finance thus far (and in particular, Sonia Tsoukalas) has been nothing less than positive with a line of communication that was very prompt and professional answering all of our questions as well as providing any updates to our application. Based upon that experience, I'd have no problem recommending Bloom Finance to any one in a similar situation to our own.
How Bloom Finance Company Compares
Quick Eligibility Check
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