(905) 441 0770 allen@allenehlert.com

Unlocking Retirement Wealth Through Bloom Reverse Mortgages

by | June 29, 2025

As a licensed mortgage agent, I meet many clients who are unaware of the financial tools available to them later in life. One of the most transformative—and often overlooked—solutions for Canadians aged 55 and older is a reverse mortgage. That’s why I’m proud to introduce Bloom, a forward-thinking lender specializing in reverse mortgages, with a mission to empower seniors to age in place with dignity, comfort, and financial freedom.

Who Is Bloom?

What Kind of Lender is Bloom?

Why Choose Bloom? Three Powerful Reasons

Who Is the Ideal Client?

Why Bloom Stands Apart

Who Is Bloom?

Bloom Finance Company is a Canadian reverse mortgage provider focused exclusively on helping homeowners aged 55+ unlock the equity in their homes—without selling or making monthly mortgage payments. They are a private lender, which means they operate outside the traditional banking system. While this may sound unconventional, it actually provides greater flexibility in underwriting, faster service, and personalized solutions tailored to the unique financial realities of retirees.

Unlike traditional banks that prioritize credit scores and income stress tests, Bloom takes a more holistic, asset-based approach. The result is a lending experience that is compassionate, efficient, and designed specifically for a generation that has earned the right to retire with peace of mind.

What Kind of Lender is Bloom?

Bloom Finance Company is a privately held, Canadian-based reverse mortgage lender that operates outside of the traditional banking ecosystem. Unlike federally regulated banks or credit unions, Bloom functions as a private mortgage lender, which implies a high degree of flexibility in underwriting, a faster approval process, and a more personalized client experience. Being private also means they are laser-focused on one mission: to help Canadian homeowners aged 55 and older age in place by unlocking the wealth stored in their homes. With licensing and operations in Ontario, British Columbia, and Alberta, Bloom is a progressive player in the Canadian real estate financing space—specializing in solutions that empower financial independence for seniors.

Why Choose Bloom? Three Powerful Reasons

When considering financial options in retirement, peace of mind and flexibility are paramount. A reverse mortgage with Bloom is more than just access to home equity—it’s a thoughtfully designed solution that supports aging in place while protecting long-term financial health. Here are three reasons why many Canadians over 55 are choosing Bloom to help fund their retirement goals.

  • No Monthly Payments, Ever
  • Tax-Free Access to Home Equity
  • Strong Consumer Protections

No Monthly Payments, Ever

One of the greatest financial stressors in retirement is the requirement to make regular mortgage payments. With a Bloom reverse mortgage, there are no required monthly payments—not for interest, nor for principal. The loan is only repaid when the borrower sells, moves, or passes away. This enables seniors to enjoy their retirement without the fear of outliving their savings.

Tax-Free Access to Home Equity

Seniors can access up to 55% of their home’s value, and all funds released are completely tax-free. Whether it’s for renovations, healthcare, helping family members, or simply enjoying life, these funds provide meaningful flexibility with no impact on government pensions like CPP or OAS.

Strong Consumer Protections

Bloom offers a Home Equity Guarantee—you’ll never owe more than your home is worth. Even if home prices decline, the estate is never liable beyond the property’s fair market value. Plus, Bloom handles and pays for the appraisal, streamlining the process and reducing out-of-pocket costs for the client.

Who Is the Ideal Client?

The ideal Bloom client is a Canadian homeowner aged 55 or older who wants to stay in their home and access the equity they’ve built up—without selling or taking on monthly debt. They may need funds for:

  • Home renovations or accessibility upgrades
  • Health or personal care services at home
  • Debt consolidation or paying off an existing mortgage
  • Helping children or grandchildren with a “living inheritance”
  • Supplementing income or simply enjoying retirement

This product is also a great fit for seniors facing “gray divorce,” who need to buy out a spouse or access equity for settlement while remaining in their home.

This product is especially well-suited for clients who are house rich but cash poor—a common scenario for retirees whose wealth is tied up in their homes.

Why Bloom Stands Apart

Bloom differentiates itself from other reverse mortgage providers through a combination of client-focused service, product innovation, and strong consumer protections. Here’s what makes them stand out:

  • Flexible eligibility: Approval is based on age, home value, and location—not income or credit score
  • No monthly payments ever: Interest simply accrues and is paid when the loan ends
  • Home equity guarantee: Clients will never owe more than the fair market value of their home
  • Bloom pays for the appraisal upfront (only reimbursed from proceeds if the loan closes)
  • Streamlined process: Each client is assigned a dedicated expert to walk them through the process
  • Low setup costs: A fixed $2,000 setup fee (deducted from proceeds) covers legal, processing, and appraisal costs
  • Flexible access post-funding: Clients can request additional funds with a simple phone call—no requalification required
  • Gentle estate process: Upon the death of the last borrower, Bloom allows 180 days for the estate to settle the balance and is willing to extend timelines where probate delays exist

Bloom is also a conservative lender when it comes to valuations and lends in most urban markets across Ontario, Alberta, and BC. They do not currently lend in rural areas with populations under 25,000 unless by exception.

They also waive prepayment penalties in the event of death or move to full-time care, and allow clients to draw additional funds post-closing with no new underwriting.

My Final Thoughts

Canadians are living longer and facing higher costs in retirement. Reverse mortgages are not for everyone—but for many, they represent the key to retiring with comfort, independence, and control. If you, your family members, or your clients are aged 55+ and want to remain in their home without sacrificing their lifestyle, Bloom is a lender you should know about.

As your mortgage agent, I’m here to guide you through the process, answer your questions, and help determine if this product is right for your goals.

Let’s unlock the power of home equity—together.

If you’d like to learn more about Bloom or explore a personalized reverse mortgage scenario, reach out to me directly at allen@allenehlert.com or 905-441-0770.

Mortgage and Money Radio Logo
Allen Ehlert

Allen Ehlert

Allen Ehlert is a licensed mortgage agent. He has four university degrees, including two Masters degrees, and specializes in real estate finance, development, and investing. Allen Ehlert has decades of independent consulting experience for companies and governments, including the Ontario Real Estate Association, Deloitte, City of Toronto, Enbridge, and the Ministry of Finance.

Private Lenders

Who are Canada’s Private Lenders?

Discover who Canada’s private lenders are and the important role they play in Canada’s housing market.

Temporary Worker Mortgage Application

Temporary Worker Mortgage Application

Temporary workers in Canada—those employed on a fixed-term contract, through an agency, or seasonally—often face additional challenges when applying for a mortgage. Because lenders prefer stable, long-term employment, temporary workers are seen as higher-risk...
What is a Second Mortgage?

What is a Second Mortgage?

A second mortgage is a loan that is secured against a property that already has an existing mortgage. It is considered "second" because it is subordinate to the first mortgage in terms of priority—meaning that if the homeowner defaults, the first mortgage lender gets...
Housing Supply

10 Factors Impacting Housing Supply

A complex interplay of various factors affects the supply of housing in Ontario. These factors can affect the availability, type, and affordability of housing in the province. Here are ten key factors impacting the supply of housing in Ontario: 1. Land Availability...
Getting a Second Mortgage

Getting a Second Mortgage

If you have a first mortgage, can you just go out and get a second mortgage? The short answer is not always. While it is possible to obtain a second mortgage if you already have a first mortgage, several factors must align for you to qualify. You cannot simply go and...
Non Conforming Apartment

Non-Conforming Apartment Income

As a mortgage agent who underwrites mortgages, I’ve come across countless applications where homeowners and investors alike want to leverage rental income from basement suites or converted spaces to boost their borrowing power. It's a smart move in theory, but the...
Affordable Housing

Ontario’s 10 Most Affordable Cities

Affordability remains a cornerstone of housing decisions, often outweighing even employment factors when individuals and families consider relocating. In Ontario, a diverse province with a wide range of urban and rural settings, certain cities stand out for their...
Toronto Traffic

10 Shortest Ontario Commute Cities

A short commute to work really improves the quality of your life. Workers don't push for remote work if they can live in a community where the commute is short and pleasant. However, if your employer is in a major city, or worse yet, Toronto, and the demand is for you...
Understanding Subordination Agreement

Understanding Subordination Agreements

A subordination agreement is a legal document that modifies the lien priority of two or more mortgages on a property. In the context of first and second position mortgages, this agreement allows a lender with a lower-ranking mortgage (such as a second mortgage or a...
Break Your Mortgage

How to Break A Mortgage

Breaking a mortgage in Ontario, Canada, before the end of its term can lead to significant penalties. It's important to understand these penalties and how they are calculated. Here are the key points to consider: Types of Penalties Interest Rate Differential (IRD)...