Bloom offers reverse mortgage solutions that allow Canadian homeowners aged 55 and older to access up to 55% of their home’s value in tax-free cash without losing ownership of their property. This service addresses the financial challenges of retirement by providing a means to pay off debts, cover unexpected expenses, and enhance overall financial flexibility.
Funding
$7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Canadian homeowners aged 55 and older face financial challenges in retirement, such as managing debt, covering healthcare costs, and lacking sufficient cash flow, while a significant portion of their wealth remains illiquid within their home equity. Traditional financial products often fail to address these specific needs without requiring them to sell their homes or make regular payments.
Solution
Bloom offers reverse mortgage solutions designed to provide Canadian homeowners aged 55+ with access to their home equity without selling their homes or making regular mortgage payments. These solutions allow homeowners to unlock up to 55% of their home's value in tax-free cash, providing financial flexibility to address various retirement needs. Bloom's products include the Bloom Reverse Mortgage™ and the Bloom Prepaid Mastercard®, offering different ways to access and utilize home equity. The company aims to provide a responsible and secure way for retirees to leverage their home equity to improve their financial well-being and enjoy a stress-free retirement.
Target Audience
Bloom's primary target audience is Canadian homeowners aged 55 and older who are seeking to improve their retirement finances by accessing their home equity without selling their homes or making regular mortgage payments.
Features
- Reverse mortgage allowing access to up to 55% of home value in tax-free cash.
- No regular mortgage payments required, providing flexibility in managing finances.
- Homeowners retain 100% ownership of their home.
- Bloom Prepaid Mastercard® for convenient access to funds.
- Online calculator for quick estimation of eligible equity.
- Personalized guidance and support throughout the process.