How to apply for a reverse mortgage?

Reverse mortgages are a smart, simple way for 55+ Canadian homeowners to unlock some of the equity they’ve built in their homes, while maintaining 100% ownership and remaining in the home they love for as long as they wish. Reverse mortgages come with a number of unique and attractive attributes for seniors, like having no requirement for regular interest and principal payments. This is a helpful feature for seniors who have a lot of wealth built up in their homes, but need a bit of a boost to their retirement income.

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Do you think a reverse mortgage could be the right solution for you and your family? Perhaps you want to know more about the application process. This guide is for you. The process is simple and comfortable – it’s never been easier to access the wealth you’ve grown in your home.

Step 1 (Optional): See How Much You Could Qualify For

If you’d like, you can use Bloom’s free calculator to see how much money you could qualify for. All you need to provide is some basic information:

Your age
Your location
A rough idea of how much your home is worth

If you’d prefer to skip this step and talk directly with your dedicated Bloom Representative – they can provide you a fast estimate over the phone! Just call 1-866-882-5666 , or leave us your contact information here and we’ll call you at your preferred time.

Step 2: Apply

You can begin your application here, or give us a call at 1-866-882-5666.

You’ll speak with one of Bloom’s experienced Bloom Representatives, who will answer any questions you might have about reverse mortgages, and how this solution could work for you.

If you’re interested in exploring further, your Bloom Customer Representative will collect a bit of information about you and your home. This process takes about 15 minutes.

It is important to know that there is no obligation at this stage. We want to make sure you have all the information you need to make an informed decision, in consultation with your family.

After this, our team will review your information and determine whether you qualify for a reverse mortgage, and how much you qualify for. As part of this process, we may need to conduct an appraisal (valuation) of your home. If this is needed, it is organized and paid for by us upfront – there is nothing for you to pay out of pocket!

When this process is completed, our Bloom Representative will call you and let you know the results.

Step 3: Receive a Commitment

If you are approved for a Bloom reverse mortgage, our Customer Representative will send you a Commitment Letter, which will outline the amount available to you, the key terms and conditions, and information you should know about the product.

Our Bloom Representative will take as much time as needed to review this with you and ensure you’re comfortable and informed.

There is still no obligation for you at this point. We want you to take the time to review this document with your family and advisors, and ensure that a reverse mortgage from Bloom is the right solution for you. We’re here to answer any questions you or they have.

Step 4: Get Advice

By law, every customer looking to take a reverse mortgage must first get independent legal advice from a lawyer. This process is there to protect you and ensure that you fully understand everything you need to know about the product, and the terms and conditions of a reverse mortgage.

It is important that this lawyer be unaffiliated with Bloom, so that the advice you’re getting is truly independent. If you have a lawyer you already work with, great! If not, your Bloom Representative will be happy to provide a list of lawyers in your area for you to choose from.

Once you let us know which lawyer you’d like to work with, we will send the mortgage documents to them so that they can review, and ensure they’re in good order for you. They’ll then set up a time with you to meet, discuss, and answer any further questions you have.

Until you sign the mortgage documents, you’re still under no obligation to enter into a reverse mortgage.

In most cases, the cost for the lawyer is deducted from the reverse mortgage proceeds, so there is still nothing for you to pay out of pocket.

Step 5: Access Your Equity

Once you’re ready to move forward, your lawyer will help you sign the required mortgage documents. You will choose a date you would like to receive the funds, and the bank account you’d like to receive them in. On this date, Bloom will drop the funds directly into your account, and the process will be completed!

The funds are yours to do what you wish, such as: