Guide

Bloom Reverse Mortgage

Learn how Bloom Reverse Mortgage offers Canadian homeowners 55+ a way to turn home equity into tax-free cash.

WOWA® Simply Know Your Options

This Page Was Last Updated: June 18, 2026

Bloom Reverse Mortgage Rates

What is a Bloom Reverse Mortgage?

A Bloom Reverse Mortgage is a way for Canadian homeowners aged 55 and older to borrow money using the equity in their home. Instead of selling your home or making regular mortgage payments, you can receive tax-free cash and continue living in your home.

This can be helpful if much of your wealth is tied up in your property, but you need extra money for retirement expenses, home repairs, healthcare costs, debt repayment, or helping family.

With a reverse mortgage, you still own your home. The loan, plus interest, is usually repaid when you sell the home, move out permanently, or pass away.

Key Takeaways

A Bloom Reverse Mortgage may be worth considering if:

• You want to access home equity without selling your home
• You prefer not to make monthly mortgage payments
• You understand that interest is added to the loan balance over time

Bloom lets eligible homeowners access up to 55% of their home's value, depending on factors such as age, property value, location, and the amount of equity available.

How Does a Bloom Reverse Mortgage Work?

A reverse mortgage works differently from a regular mortgage.

With a regular mortgage, you borrow money to buy a home and make monthly mortgage payments to your lender to reduce the balance. With a reverse mortgage, you borrow against its value. Instead of making required monthly payments, you receive payments instead, and the interest is added to the mortgage balance.

Here's a simple example:

You own a home worth $800,000 and qualify to borrow part of your home equity through Bloom. You receive the money as cash, and the loan balance grows over time as interest is added. You continue living in your home and remain the owner. When the home is eventually sold, the reverse mortgage is repaid from the sale proceeds.

The important thing to remember is that a reverse mortgage gives you access to money today, but it also reduces the amount of home equity that may be left later.

Who Is Eligible for a Bloom Reverse Mortgage?

To qualify for a Bloom Reverse Mortgage, you need to:

• Be at least 55 years old
• Own a home in Ontario, Alberta, or British Columbia as your primary residence
• Have enough equity in your home
• Keep up with property taxes, home insurance, and basic home maintenance

If you own the home with a spouse or partner, both homeowners will need to meet the age requirement.

Bloom also looks at the home's location, property type, condition, and value before deciding how much you can borrow.

How Much Can You Borrow?

The amount you can borrow depends on your home and your personal situation. In general, older homeowners and higher-value homes may qualify for a larger amount.

Bloom says eligible homeowners may be able to access up to 55% of their home's value. However, not everyone will qualify for the maximum amount. If you already have a mortgage, HELOC, or another loan secured against your home, it will need to be paid off and closed as part of the reverse mortgage process. In that case, part of your Bloom reverse mortgage proceeds would be used to repay the existing debt first, and you would receive the remaining amount, if any.

The main factors that affect your estimate include:

• Your age
• Your spouse or co-owner's age, if applicable
• Your home's appraised value
• Your province and city
• Your existing mortgage balance, if any
• The type and condition of the property

Use a reverse mortgage calculator to estimate how much you could borrow.

Bloom Reverse Mortgage Rates & Fees

Bloom reverse mortgage rates are important because interest is added to your loan balance over time. The higher the rate, the faster your balance can grow.

Unlike a traditional mortgage, you do not need to make monthly payments with a reverse mortgage. However, that does not mean the loan is free. Interest still builds up, and it is repaid when the home is sold or refinanced.

Before choosing a Bloom Reverse Mortgage, ask for:

• Any promotional rates
• The annual percentage rate, or APR
• All setup, appraisal, legal, and discharge fees
• Any prepayment charges

This is especially important for seniors who want predictable retirement finances. Even a small rate difference can have a large impact over many years.

Bloom Reverse Mortgage Fees

Bloom lists a flat fee total of $2,300, which includes:

• Processing fee
• Home appraisal fee
• Estimated independent legal advice (ILA) certificate fee

These costs are deducted from your proceeds, meaning you do not need to pay them out of pocket. However, you should still confirm the final cost before signing, since legal costs and other expenses can vary. The independent legal advice certificate fee does not include other borrower legal fees.

What Can You Use the Money For?

You can use money received from a reverse mortgage for almost anything. Common uses include:

• Consolidating high-interest debt
• Covering everyday retirement expenses
• Paying for home repairs or renovations
• Helping children or grandchildren
• Covering healthcare or home care costs
• Creating a financial cushion

For many seniors, the main benefit is flexibility. Instead of moving, downsizing, or selling investments at the wrong time, a reverse mortgage allows you to use part of the wealth already built up in your home.

Pros and Cons of a Bloom Reverse Mortgage

Pros

• ✔️ You can stay in your home.
  A reverse mortgage is designed for homeowners who want to keep living in their home.
• ✔️ There are no required monthly payments.
  This can help seniors who are house-rich but cash-flow limited.
• ✔️ You keep ownership of your home.
  A reverse mortgage is a loan secured by your home. It does not mean selling your home to the lender.
• ✔️ The money is tax-free.
  Reverse mortgage proceeds are borrowed funds, not income.
• ✔️ It may help improve retirement cash flow.
  The funds can be used for debt repayment, repairs, healthcare, or daily expenses.

Cons

• ❌ Your loan balance grows over time.
  Interest is added to the balance.
• ❌ You leave less home equity to your estate.
  Because the loan must eventually be repaid, there may be less money left for heirs.
• ❌ Rates can be higher than traditional mortgages.
  Reverse mortgage rates are often higher than standard mortgage or HELOC rates.
• ❌ You must keep up with home obligations.
  You still need to pay property taxes, maintain home insurance, and keep the home in good condition.
• ❌ It is not available everywhere in Canada.
  Bloom currently focuses on Ontario, Alberta, and British Columbia.

Bloom Reverse Mortgage Reviews

Bloom reverse mortgage reviews can be useful when comparing lenders, but they should not be the only factor in your decision.

When reading reviews, look for comments about:

• How clearly the lender explained the product
• Whether fees and rates were easy to understand
• How quickly the application was handled
• Whether the borrower felt pressured
• How helpful the team was with questions
• Whether the final terms matched the original quote

A reverse mortgage is a major financial decision, so it is important to look beyond star ratings. Make sure you understand the full cost, how interest is calculated, what happens when the home is sold, and what your family should expect later.

CHIP Reverse Mortgage vs Bloom Reverse Mortgage

Many Canadians compare CHIP Reverse Mortgage vs Bloom Reverse Mortgages because both products are designed for homeowners 55 and older who want to access home equity without selling their home. Features and requirements are largely the same between CHIP vs. Bloom reverse mortgages.

CHIP reverse mortgages are offered by HomeEquity Bank and are Canada's best-known reverse mortgage option. Bloom is a newer reverse mortgage provider with a focus on a simpler, more digital application experience.

Here are some points to compare:

The right choice depends on where you live, the rate offered, fees, and how much you qualify to borrow. It can be worth getting quotes from both before deciding.

Is a Bloom Reverse Mortgage a Good Idea?

A Bloom Reverse Mortgage may be a good idea if you want to stay in your home and need extra retirement cash, but do not want required monthly payments.

It may be useful if you are:

• Retired and living on a fixed income
• Carrying debt into retirement
• Facing large home repair or healthcare costs
• Helping family financially
• Not ready to downsize
• Looking for a way to use home equity without selling

However, it may not be the best choice if you plan to sell your home soon, want to leave as much equity as possible to your heirs, or qualify for a lower-cost option such as a traditional mortgage, HELOC, or downsizing.

Before applying, compare all options carefully.

Alternatives to a Bloom Reverse Mortgage

A reverse mortgage is only one way to access home equity. Other options may include:

• Home equity line of credit, or HELOC
• Refinancing your mortgage
• Downsizing to a smaller home
• Renting part of your home
• Selling and moving to a lower-cost area
• Using savings or investments
• Asking family for financial support

Each option has trade-offs. HELOC rates might be lower, but it usually requires monthly payments and income qualification. Downsizing can unlock a large amount of money, but it also means moving. A reverse mortgage may be more comfortable for seniors who want to stay put, but it can reduce future home equity.

Questions to Ask Before Getting a Bloom Reverse Mortgage

Before signing a reverse mortgage agreement, ask these questions:

• What interest rate will I pay?
• Is the rate fixed, variable, or reset after a certain period?
• How much will I receive after fees and paying off any existing mortgage?
• What happens if I want to sell my home?
• Are there penalties if I repay early?
• What happens if I move into long-term care?
• How much equity might be left after 5, 10, or 15 years?
• What obligations do I have as a borrower?
• Will my spouse be protected if I pass away first?
• What should my children or heirs know?

It is also a good idea to speak with a trusted family member, financial advisor, or lawyer before making a final decision.

Bottom Line

A Bloom Reverse Mortgage can help Canadian homeowners 55+ turn part of their home equity into tax-free cash while staying in their home. It may be a useful option for retirees who need more financial flexibility and do not want required monthly payments.

However, it is still a loan. Interest is added over time, and the balance must eventually be repaid. Before choosing Bloom, compare reverse mortgage rates, fees, reviews, eligibility, and alternatives such as CHIP, HELOCs, refinancing, and downsizing.

A reverse mortgage can be helpful, but the best choice is the one that fits your retirement plans, your home, your family, and your comfort level.

Frequently Asked Questions

What is a Bloom Reverse Mortgage?

A Bloom Reverse Mortgage is a loan for Canadian homeowners aged 55 and older that lets them access part of their home equity as cash while continuing to live in their home.

Do I still own my home with a Bloom Reverse Mortgage?

Yes. You remain the owner of your home. The reverse mortgage is a loan secured against the property.

Do I need to make monthly payments?

No required monthly payments are needed with a Bloom Reverse Mortgage, as long as you meet your borrower obligations, such as paying property taxes, keeping home insurance, and maintaining the property.

Are Bloom reverse mortgage funds taxable?

No. Reverse mortgage proceeds are generally tax-free because they are borrowed money, not income.

How much can I borrow with Bloom?

Bloom says eligible homeowners may be able to access up to 55% of their home's value. The exact amount depends on your age, home value, location, and other factors.

Where is Bloom available?

Bloom currently operates in Ontario, Alberta, and British Columbia. Lending area restrictions may apply.

How do Bloom reverse mortgage rates work?

Bloom reverse mortgage rates determine how quickly interest adds to your loan balance. Since rates can change, you should check Bloom's current rates and fees before applying.

What is the difference between CHIP Reverse Mortgage and Bloom Reverse Mortgage?

CHIP is offered by HomeEquity Bank and is more widely available across Canada. Bloom is available in select provinces and may appeal to homeowners who want to compare a newer reverse mortgage provider. The best option depends on your location, rate, fees, and approved loan amount.

Are Bloom reverse mortgage reviews important?

Yes, reviews can help you understand customer experience, but they should not replace a careful review of the rates, fees, contract terms, and repayment rules.

Is a Bloom Reverse Mortgage safe?

A reverse mortgage is a legitimate way to access home equity, but it is still a major financial decision. Make sure you understand how interest grows, when repayment is required, and how it may affect your estate.