Post-retirement life should not have to look drastically different from your working days, especially when it comes to paying for the services you need, caring for your home or just simply continuing to do the things you enjoy.
And with Bloom Finance Company’s reverse mortgage, it doesn’t have to.
Bloom helps British Columbians aged 55 and older continue to live more financially flexible, flourishing lives by helping them unlock up to 55 per cent of their home’s value, tax-free, all while continuing to live in the homes they love.
For Chilliwack-based retiree Len - individual’s last name is not being released for his privacy* - Bloom’s reverse mortgage has not only allowed him and his wife to continue living in their home, but it has also allowed them to continue adventuring around in their RV and travelling internationally.
“I don’t have a pension, but my wife does. Even with that, it doesn’t leave much after you pay all the bills to live,” he explains. “This reverse mortgage gives you a whack of money that you can invest – you can use it for whatever – but it gives you a little bit of breathing room. It was simple, quick, and it has freed up money for us on a monthly basis.”
“If we want to go down to Mexico for a couple of weeks like we did in November, we have the cash to do that. Or if we want to go travelling in the RV, which obviously takes a lot of fuel, we have the freedom to do that, as well,” he describes.
“The Bloom reverse mortgage means you’re not nickeling and diming yourself. You’re not stuck at home because you’re basically house poor.”
Unlike traditional mortgages, the Bloom reverse mortgage does not require regular principal and interest payments. Interest is simply added to the balance, which then becomes due when a borrower sells, moves or passes away.
All Bloom asks of borrowers is that they pay their property tax and insurance on time while keeping their homes in good repair.
For Nanaimo-based retiree John M. - individual’s last name is not being released for his privacy* - Bloom's reverse mortgage helped to pay for his wife’s trips to and from Victoria for medical appointments.
“My wife and I, we could see things cropping up – like the roof may need to be replaced in a few years because it’s going to be 20 years old, and so on. So, we thought, ‘Well, let’s go ahead and do this,” he explains.
“Having this backup behind you, knowing that whatever comes up, you’re going to have enough money to pay it all off, it’s been very helpful,” he says.
Both Len and John agree that getting a reverse mortgage through Bloom was simple and pain-free.
The first step is getting an estimate on their website, which only takes seconds. From there, you’ll speak with a Bloom representative to answer any questions you may have and submit your application. Upon approval, you work with an independent legal advisor who ensures your interests are protected. Lastly, funds are deposited, and you can enjoy the freedom that comes from having that extra financial flexibility.
The whole process can take as little as a week.
For more information about Bloom’s reverse mortgages, visit bloomfin.ca.