According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- Web platform
- No
- There are no mandatory monthly payments and full ownership of the home.
Our Evaluation of Bloom Finance
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Bloom Finance is a high-risk broker with the TU Overall Score of 2.48 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Bloom Finance clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker.
Bloom Finance is a reliable partner for Canadian retirees seeking financial flexibility in retirement without having to leave their homes.
Brief Look at Bloom Finance
Bloom Finance is a Canadian financial company specializing in reverse mortgages for homeowners aged 55 and older. Founded in Toronto, the company offers solutions for retirees, allowing them to access the equity in their homes while retaining full ownership of the property. Bloom Finance's services are available in Ontario, British Columbia, and Alberta.
The company is licensed and regulated by the Ontario Securities Commission (OSC), ensuring adherence to financial security standards.
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- Fixed-rate reverse mortgage.
- No mandatory monthly payments.
- The homeowner retains full ownership of the home.
- Licensed and regulated in Ontario, British Columbia, and Alberta.
- The company's products are only available in three Canada’s provinces.
- A reverse mortgage may lead to an increase in the mortgage balance over time.
TU Expert Advice
Financial expert and analyst at Traders Union
I believe one of the key features of Bloom Finance is its transparent and straightforward process for obtaining a reverse mortgage. Clients can access up to 55% of their home's value in tax-free funds, significantly enhancing financial flexibility during retirement. The Bloom Reverse Mortgage product requires no regular payments, and homeowners retain full ownership of their homes. This creates a convenient and stable financial situation for retirees.
Bloom Finance also offers the Bloom Prepaid Mastercard, which provides quick and easy access to funds. This is particularly useful for everyday expenses. The card allows retirees to use their home equity for various needs, such as medical expenses or improving their quality of life.
However, it’s important to note that Bloom Finance's products are only available in three provinces in Canada: Ontario, British Columbia, and Alberta. This may limit access for potential clients from other regions of the country.
Bloom Finance is an excellent choice for retirees seeking financial flexibility without having to leave their homes. The simplicity and efficiency of their solutions, along with the transparency of the process and the absence of mandatory monthly payments, make their product attractive and convenient for many Canadian retirees.
Bloom Finance Summary
Your capital is at risk. The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
| 💻 Trading platform: | Website |
|---|---|
| 📊 Accounts: | Bloom Reverse Mortgage™ |
| 💰 Account currency: | CAD |
| 💵 Deposit / Withdrawal: | Tax-free funds received through reverse mortgages |
| 🚀 Minimum deposit: | There is no minimum deposit requirement |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No |
| 💱 EUR/USD spread: | The interest rate and administrative fees are added to the mortgage balance |
| 🔧 Instruments: | Reverse Mortgage, Bloom Prepaid Mastercard |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | No |
| ⭐ Trading features: | There are no mandatory monthly payments and full ownership of the home. |
| 🎁 Contests and bonuses: | No |
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The minimum age is 55 years.
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Services are available in the provinces of Ontario, British Columbia, and Alberta.
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Support is active 24/5.
Bloom Finance is focused on providing a simple and secure way for retirees to gain financial flexibility. The absence of mandatory monthly payments and tax-free funds makes the program appealing to many Canadians in retirement.
Bloom Finance Key Parameters Evaluation
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Trading Account Opening
To get started with Bloom Finance, create an account.
Steps to open an account
Visit the Bloom Finance website. Go to bloomfin.ca and click “Get Started.”
Complete the form with your full name, address, and date of birth. You’ll immediately be asked if you are 55 years old or older.
Answer a few questions to determine your financial needs and goals.
Provide the necessary documents to verify your identity.
Link your bank account to receive funds.
Additional features of Bloom Finance’s user account allow clients to:
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Set up and manage mortgage plans.
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Deposit and withdraw funds.
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View financial statistics and reports.
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Contact support.
Regulation and safety
Bloom Finance ensures the safety of its clients by offering financial services licensed and regulated in Ontario, British Columbia, and Alberta. The company is regulated by the Ontario Securities Commission (OSC).
Advantages
- Licensed and regulated
- Transparent terms and conditions
- Reliable client protection
Disadvantages
- Available in only three Canadian provinces
- Specializing in one financial product
Account types
Bloom Finance provides financial solutions for retirees, allowing them to access the equity built in their homes.
Here’s how to get started with Bloom Finance:
Account types:
Steps to get started:
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Visit the Bloom Finance website (bloomfin.ca) and get a consultation.
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Get a home equity assessment and estimate potential funds using our online calculator.
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Submit a complete application and get approved for your home equity loan.
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Receive funds. Upon approval, access the home equity through the Bloom Prepaid Mastercard.
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Monitor and manage. Track fund usage and comply with the terms of the agreement.
Deposit and withdrawal
Bloom Finance offers tax-free reverse mortgages for accessing funds. Specific withdrawal fees are not mentioned, and the process itself occurs without additional costs to clients.
Investment Options
Bloom Finance is designed for retirees seeking financial flexibility and security. The company offers solutions that allow senior homeowners to access their home equity without the need to sell.
Bloom Reverse Mortgage™
Bloom Finance’s primary program is focused on providing senior homeowners with access to tax-free funds while retaining full ownership of their homes.
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Up to 55% of home value. Clients can access up to 55% of their home’s value in tax-free funds.
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No regular payments. Unlike traditional mortgages, the program requires no regular payments, reducing financial strain on clients.
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Full ownership. Homeowners retain 100% ownership, ensuring stability and control over their property.
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Flexible use of funds. The funds can be used for various needs such as medical expenses, improving quality of life, or travel.
Client’s comfort
Bloom Finance offers a hassle-free reverse mortgage process. The company is licensed and regulated by the Ontario Securities Commission (OSC), ensuring the reliability and security of financial transactions.
Customer support
Bloom Finance provides client support available during the company’s working hours.
Advantages
- Support is available during business hours
- Multiple communications options
Disadvantages
- There is no online chat function on the website
Clients can contact support through:
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Email;
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Phone;
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Help Center.
To start working with Bloom Finance, create an account.
Contacts
| Registration address | 147 Liberty St., Toronto, ON, M6K 3G3 |
|---|---|
| Regulation | Licensed and regulated in Ontario, British Columbia and Alberta. |
| Official site | bloomfin.ca |
| Contacts |
1-866-882-5666
|
Education
Bloom Finance offers educational resources for its clients:
Educational resources:
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Blog and articles. Information on the benefits of reverse mortgages and home equity management.
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Webinars and videos. Educational materials for a better understanding of financial solutions.
Detailed review of Bloom Finance
Bloom Finance provides solutions for retirees seeking financial flexibility and security. The primary offering is a reverse mortgage, which allows access to home equity without the need to sell the property.
Bloom Finance's key features are:
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Investment options. Reverse mortgage and Bloom Prepaid Mastercard.
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Safety and regulation. Licensed and regulated in Ontario, British Columbia, and Alberta.
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Client experience. Transparent and simple process for obtaining a reverse mortgage.
Bloom Finance’s useful instruments:
Bloom Finance offers several tools to optimize financial planning:
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Home Equity Assessment Calculator. Helps determine how much equity can be accessed from the home.
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Information resources. Extensive materials on reverse mortgages and home equity management.
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Personal consultation. Opportunity to receive advice from Bloom Finance representatives to choose the best financial solution.
Products and services:
Bloom Reverse Mortgage:
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Allows access to up to 55% of the home’s value in tax-free funds.
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The homeowner retains 100% ownership.
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There are no mandatory regular payments.
Bloom Prepaid Mastercard:
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Access to funds locked in home equity anytime, anywhere.
Advantages:
Convenient platform. Ease of use and transparency of terms.
Automated solutions. There is no need for regular payments.
Low fees. There are no additional charges for transactions or withdrawals.
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