Today’s Reverse Mortgage Rates updated as of December 22, 2024 1:18 am
*Rates can change at anytime. Other conditions apply. Rate in effect as of today.
Bloom Financial offers an innovative reverse mortgage solution designed for Canadian homeowners aged 55+. With Bloom, you can unlock up to 55% of your home equity while enjoying a transparent, straightforward process. Whether you need to supplement retirement income, pay for renovations, or consolidate debt, Bloom provides financial freedom without the hassle of monthly payments with a reverse mortgage.
Bloom Financial is one of Canada’s leading reverse mortgage providers, known for its competitive rates and customer-centric approach. Here’s what sets them apart:
Modern, Transparent Process
Bloom simplifies reverse mortgages with an easy-to-understand approach.
Competitive Rates
Enjoy some of the lowest rates in the market, ensuring you get the most out of your home equity.
Flexible Fund Options
Choose between a lump sum, scheduled payments, or a mix to meet your needs.
No Negative Equity Guarantee
Like other top providers, Bloom ensures you’ll never owe more than your home’s value when sold.
Dedicated Customer Support
Bloom offers personalized service to guide you through every step.
For more details on how reverse mortgages work, visit the Financial Consumer Agency of Canada (FCAC).
As of 2024, Bloom reverse mortgage offers some of the most competitive reverse mortgage rates in Canada:
For the latest rate updates, visit Bloom Reverse Mortgage Rates.
Use the Bloom Reverse Mortgage Calculator to get a personalized estimate.
Here’s a breakdown of typical fees associated with an Bloom Reverse Mortgage:
Understanding the market trends and usage patterns for reverse mortgages can help you make informed decisions. Here are key statistics:
Yes, Bloom reverse mortgages in Canada are regulated by federal and provincial laws. Lenders like HomeEquity Bank and Equitable Bank offer government-backed solutions with no negative equity guarantees.
The loan is typically repaid when you sell your home, move into long-term care, or pass away. You or your estate won’t owe more than the home’s fair market value at the time of sale.
Here are some examples of how clients commonly use it:
No, both you and your spouse must be at least 55 years old to qualify for a reverse mortgage in Canada.
No, as long as you meet your obligations, such as keeping your property taxes and insurance up to date, you can stay in your home for life.
Canadian reverse mortgages come with a no negative equity guarantee, meaning you’ll never owe more than the value of your home.
The loan is typically repaid when you sell your home, move into long-term care, or pass away.
Yes, prepayment penalties may apply. However, Equitable Bank offers flexible repayment options to minimize costs.
At Citadel Mortgages, we’re committed to finding the best reverse mortgage solutions for your unique needs. Partnering with Bloom Financial allows us to offer:
Understanding your reverse mortgage potential is easier with our Reverse Mortgage Calculator. This tool provides an instant estimate of how much equity you can access based on:
Try the Citadel Mortgages Reverse Mortgage Calculator today to explore your options!
An Bloom Reverse Mortgage offers Canadian homeowners a secure, flexible way to unlock their home equity. Whether you’re planning for retirement, managing debt, or funding home improvements, this financial tool provides the freedom to live comfortably without monthly payments.
Contact Citadel Mortgages today to explore how an Bloom Reverse Mortgage can work for you.
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Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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