Bloom claims it enables them to tap into the wealth they’ve built in their homes to help finance their costs of living in retirement.
The company has been growing rapidly since its launch of operations in late 2021, extending nearly $100 million to homeowners in Ontario and British Columbia to date.
Bloom said that is has been gaining market share in the traditionally bank-dominated reverse mortgage industry, propelled by its intense focus on leveraging technology to offer the simplest and most transparent equity access solutions for clients, their mortgage brokers and financial advisors.
The firm said it will use the new funding to accelerate its investments in product and process innovation, and continue its geographic expansion.
Bloom CEO Ben McCabe said, “Four out of five Canadian seniors live with financial insecurity, with income and savings that aren’t sufficient to maintain their pre-retirement living standard. At the same time, the magnitude of home price growth over the past few decades means there is often more than enough household wealth to sustain a comfortable retirement, for most retiring homeowners.
“The traditional reverse mortgage is a powerful solution for a broad cross-section of homeowners, in a wide variety of financial circumstances”, added McCabe. “However, it’s not the last word on equity release. We plan to continue widening the definition of who equity release is for, and how it can be responsibly delivered.”
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