Your reverse mortgage questions, answered

Where does Bloom operate?

Bloom currently operates across Ontario, Alberta, and British Columbia, and intends to expand to other Canadian provinces soon.

Lending area restrictions apply.

Am I eligible?

If you are a homeowner over the age of 55 in Ontario, Alberta, or British Columbia, there’s a good chance you’re eligible. Give us a call at 1-866-882-5666 and one of our Bloom Representatives can confirm.

How much could I be eligible for?

Try our Free Calculator to get a rough idea of what you could unlock. Or better yet, give us a call at 1-866-882-5666 and your Bloom Representative can give you your no obligation quote.

What can I do with the money?

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.

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. We offer solutions to customers with a wide range of credit histories.

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 is the cost to me?

Your Bloom reverse mortgage 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. That’s it. See our Rate and Fees page for more information.

What happens if the mortgage balance grows larger than the value of my home?

While this rarely occurs because of conservative lending practices and the benefit of property price growth over time, if this were to occur, you’d benefit from Bloom’s Home Equity Guarantee. This is our promise that as long as you keep up with your obligations like property tax, home maintenance and home insurance, we’ll cover any shortfall. You’ll never owe more than the fair value of your home, meaning you and your loved ones won’t be left with a bill.

Will I ever be forced to leave my home?

The benefit of a Home Equity Release versus other financing products like HELOCs or traditional mortgages, is that this solution is specifically designed to keep you in your home as long as you wish. As long as you maintain your obligations like property tax, home insurance and home maintenance, you’ll never be forced to leave your home, no matter how long you live, the size of the mortgage balance, or the value of your home.

Would I still own my home?

Absolutely – you’ll still own 100% of your home after you unlock some of your wealth with a Home Equity Release.

What happens if my home appreciates in value?

Since you still own 100% of your home, you retain all of the upside – that’s money in your pocket.

What happens when I pass away?

When you pass away, your heirs will be given 6 months to arrange for the repayment of your Home Equity Release principal and accrued interest. This is usually accomplished by selling the home and paying Bloom out of the proceeds. If your heirs want to keep the home in the family, they can also arrange to refinance with a new mortgage, or pay Bloom from other sources.

Are the proceeds taxable?

No – one of the great aspects of Home Equity Release is that the proceeds are tax free.

Will a Home Equity Release impact my Old Age Security (OAS)?

No – the proceeds are not considered taxable income and have no effect of the OAS benefits you might be receiving.

All your reverse mortgage questions, answered

Your reverse mortgage questions, answered

Is a reverse mortgage right for me?

All your reverse mortgage questions, answered

Your reverse mortgage questions, answered

Is a reverse mortgage right for me?

See how much wealth you can unlock