Bloom Reverse Mortgages Mortgage Lender Profile
Generally for Homeowners aged 55 and older who want to draw tax-free funds from a principal residence without making monthly payments.
Who they are
Bloom Reverse Mortgages is the reverse mortgage business of Bloom Finance Company Ltd., a Toronto-based financial technology lender founded by its chief executive, Ben McCabe, which began lending in late 2021. Bloom presents itself as a technology-driven alternative to the established reverse mortgage providers and emphasises a simpler application process and transparent terms. It raised a seven million dollar Series A financing led by SixThirty Ventures in 2023. Bloom is a licensed mortgage brokerage rather than a chartered bank. It holds licences in Ontario and British Columbia, also lends in Alberta, and says it plans to expand further.
What they lend on, and who for
Bloom lends only on reverse mortgages, for homeowners aged 55 and older. The money advanced against your home is tax free, there are no required monthly payments, and the loan is repaid when the home is sold or when the borrowers leave it. The property must be your owner-occupied principal residence and worth at least $250,000. Bloom's charge has to be registered in first position, so any existing mortgage is paid out from the advance. You can come to Bloom directly, or through a mortgage broker or financial advisor.
How to approach Bloom Reverse Mortgages
You can contact Bloom Reverse Mortgages yourself; nothing stops you. What you cannot easily find out is what they will actually accept. How they read self-employed income, which add-backs they allow, how they treat rental income, and what they will accept in place of the documents you cannot produce — none of that is published in full anywhere, and it moves.
A licensed broker who places files with lenders like this every week knows those criteria, and more usefully knows how to structure a file so it lands inside them rather than just outside. On anything that is not a straightforward salaried purchase, that structuring is most of the difference between an approval and a decline. It costs you nothing on a prime mortgage — the lender pays the broker when it funds.
| Lender type | Monoline · Reverse mortgage |
| Trade name of | Bloom Finance Company Ltd. |
| Head office | 147 Liberty Street, Toronto, ON M6K 3G3 |
| Website | bloomfin.ca |
| Phone | 1-866-882-5666 |
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
Borrower ratings for Bloom Reverse Mortgages
In today’s world, reviews dictate the service industry. Brokers have taken the hit for bad lenders. We bring the consumer experience to light to help borrowers decide.
How quickly did they issue a commitment and get to funding?
Was the rate you got competitive for the product you qualified for?
Could you reach someone, and did they resolve things?
Portal, e-signing, document upload, online account — did it work?
Were the terms, fees and penalties clear before you signed?
Worked with Bloom Reverse Mortgages?
Score them on the five things above. We confirm every review by email before it publishes, and we publish the bad ones too.
Questions about Bloom Reverse Mortgages
Is Bloom Reverse Mortgages a real mortgage lender?
Yes. Bloom Reverse Mortgages is a monoline (reverse mortgage) based in Ontario, part of Bloom Finance Company Ltd.. Its own site is bloomfin.ca.
What kind of lender is Bloom Reverse Mortgages?
Monoline — categorised in our directory as Reverse Mortgage. Mortgages and nothing else, sold through brokers. Best pricing in the market and usually the fairest penalty formulas. Most Canadians have never heard of them, which is exactly what this directory is for.
Who owns Bloom Reverse Mortgages?
Bloom Reverse Mortgages is part of Bloom Finance Company Ltd.. Ownership matters mainly because it tends to determine the funding source and, on a fixed mortgage, how the break penalty is calculated.
Should I go to Bloom Reverse Mortgages directly or through a broker?
You can approach them yourself. The reason most people do not is that a lender's real criteria — how income is read, what is accepted as documentation, what will be allowed as an exception — are not published, and they change. A broker who works with Bloom Reverse Mortgages regularly knows them and knows how to present a file to fit them, which on anything other than a simple salaried purchase is usually what decides the answer. On a prime mortgage it costs you nothing either way, because the lender pays the broker when it funds.
Would Bloom Reverse Mortgages approve me?
No profile page can answer that, and any site that tries is guessing. It turns on how your income is earned and how much of it a lender will count, your credit history, the property itself, and how much you need against what it is worth. Those are the questions a licensed broker asks before naming a lender — and they will tell you which ones realistically fit, this one included, and which would price it better.
Where does Bloom Reverse Mortgages lend?
Its head office is in Ontario. Lending areas change and are not always the same as where the lender is based — confirm current coverage with the lender or a broker before planning around it.
Would Bloom Reverse Mortgages take your file?
Send us the details and a licensed broker will tell you which lenders fit — this one included, and the ones that would price it better.
Send us the file