Meet Bloom, Canada’s Newest Reverse Mortgage Provider

Bloom Finance Company, a Canadian fintech firm, has entered the Canadian reverse mortgage market with the launch of its Bloom Reverse Mortgage product for homeowners aged 55 and over in Ontario. The company, the first non-bank provider of reverse mortgages in Canada, offers a simpler and more comfortable process for unlocking home equity. Its 5-year fixed rate is currently available at 4.99%, in the middle of the field compared to competitors. As the company grows, it plans to expand its suite of products and will focus on how home equity can be accessed in different quantities. Broker partnerships will be central to its growth.