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Bloom Finance Launches SafeRate™, Canada’s First Lifetime Fixed Rate Reverse Mortgage

SafeRate™ is designed to give older Canadians financial certainty, flexibility, and peace of mind, helping them feel confident in the choices they make for themselves and their families.

TORONTO--(BUSINESS WIRE)--Today, Bloom Finance Company Ltd. (“Bloom”) is excited to introduce SafeRate™, Canada’s first reverse mortgage with a lifetime fixed interest rate, designed to provide older homeowners with unmatched financial certainty, flexibility, and peace of mind as they unlock the wealth in their homes.

For the first time, SafeRate™ brings innovative features to Canada, including:

  • Stability for Life: The first and only reverse mortgage in Canada to offer a fixed interest rate for the lifetime of the loan, eliminating uncertainty from interest rate changes and renewal premiums.
  • Flexibility for Changing Circumstances: Offering Canada’s first “Right to Move” feature allows borrowers to maintain their reverse mortgage and locked-in rate if they ever choose to downsize, penalty-free.
  • Putting Families First: Industry-leading compassionate policies, including full waiver of prepayment fees within three years of the first homeowner’s death, and if the last surviving homeowner enters long-term care.

As the cost of living continues to rise and today’s housing market makes downsizing less appealing, many Canadian retirees are looking for ways to stay in their homes while maintaining financial flexibility. With three-quarters of Canadian retirees owning their homes, leveraging home equity is becoming an increasingly popular way to access the wealth they’ve built without compromising stability.

“For too many Canadians aged 55+, rising living costs have made it a constant struggle to balance financial security and quality of life in retirement,” said Ben McCabe, Founder & CEO of Bloom Finance. “SafeRate changes that by unlocking the wealth in their homes with a lifetime fixed rate, giving retirees predictability, and protections for their families, so they can focus on enjoying their golden years without having to choose.”

By combining lifetime fixed rates that provide long-term stability, with the freedom to move, along with family-friendly protections, Bloom is proud to offer the most consumer-friendly reverse mortgage in Canada, allowing Canadians aged 55+ to stay in control over their financial future.

For more information, please visit https://saferate.ca/.

About Bloom Finance Ltd.
Bloom is a leading Canadian fintech company dedicated to assisting homeowners aged 55 and above in accessing the wealth accumulated in their homes to enjoy more comfortable retirements. Through the integration of cutting-edge technology and innovative product delivery, the company is reshaping home equity access to be adaptable, enduring, and user-friendly. Bloom’s overarching mission is to alleviate financial stress among retired homeowners, enabling them to relish the golden years of their lives. Licensed in ON:13338, BC:MBX600455, and AB. Discover more at www.bloomfin.ca.

Contacts

For media inquiries, please contact:

Rachel Dillane
Account Manager, Category Communications
rachel@categorycomms.com
289-440-3528

Industry:

Bloom Finance Company Ltd.

Release Versions
English

Contacts

For media inquiries, please contact:

Rachel Dillane
Account Manager, Category Communications
rachel@categorycomms.com
289-440-3528

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