The Canadian fintech Bloom Finance Co. Ltd. expanded the availability of its reverse mortgage release platform to homeowners ages 55 and older in Alberta.
The expansion follows Bloom’s launch in Ontario in 2021 and British Columbia in 2022. Bloom is the first fintech aimed at the Canadian market for reverse mortgages, which are also known in the country as “home equity release.”
“We’re thrilled to begin offering our Bloom reverse mortgage solutions to homeowners and mortgage brokers in Alberta,” said Ben McCabe, CEO of Bloom. “We see tremendous potential for equity release in Alberta, which should see home values continue to climb as more and more Canadians choose the province to call home. Bloom’s solutions help our customers transform some of their housing wealth into real purchasing power, making their lives a little easier in retirement.”
