See how much of your home value you can unlock: Get a quote today
Introducing the Bloom Home Equity Prepaid Mastercard®. Supplement your monthly retirement income without dipping into your savings or building up debt on your credit cards.
Use the equity from your home to live retirement responsibly without worrying about every penny.
Create a customizable monthly amount, or receive a lump sum to manage:
Live retirement stress-free and unlock more possibilities to thrive.
Apply today to see if the Bloom Home Equity Prepaid Mastercard® suits you.
Manage monthly expenses with ease
Cover all your monthly bills on time without worrying about being short.
Adaptable payment plan
Decide if you want to make monthly interest payments or no payments at all—it’s up to you.
Only draw what you need
Release funds from your home equity responsibly on a monthly cadence.
The best alternative to high-interest credit cards
The Bloom Prepaid Mastercard simply taps into your home’s equity at a pace customized to your needs.
What if you could use your home’s appreciation as a responsible strategy for retirement income?
If anyone needs financial help, don’t hesitate to contact Bloom - you will be very pleasantly surprised - you will have found a real GEM.
Marianne, Loretto
With a normal credit card, you need to pay a bill at the end of the month. The Bloom Prepaid Mastercard is the only card of its kind where you don’t need to pay a bill on the things you purchase until you pass away, or choose to sell your home, as long as you keep up with a handful of obligations like property taxes, insurance, and home maintenance. It acts like an addition to your monthly income.
Use your Bloom Prepaid Mastercard as you would your other payment cards – at the grocery story, at the restaurant, online, it’s up to you! The Bloom Prepaid Mastercard works just like your other payment cards.
Bloom will register a mortgage against your home, and everything you spend, along with interest, will be added to the balance over time.
The amounts you spend and any unpaid interest will only be due when you choose to sell your home, or you pass away. Most borrowers pay for this out of the proceeds from the sale of their home, or by refinancing with another mortgage. No other home equity solution gives you this level of comfort and protection.
We’ll work with you to establish a monthly spending limit that suits your financial situation and needs. If ever you need more for a larger purchase, simply give us a call and we can review and authorize a larger deposit into your bank account (subject to credit review and certain limitations).
The Bloom Prepaid Mastercard is great alternative to high-rate credit cards, with interest rates that are in line with our mortgage interest rates. For information on our rates and fees, visit bloomfin.ca/rate-and-fees.
If you’re aged 55+, live in Ontario, BC or Alberta, and own your home, there’s a good chance you’re eligible. Give us a call at 1-866-882-5666 and one of our Bloom Representatives can confirm.
Since there are no regular payments required, your credit score is not as important when determining eligibility for a Bloom Prepaid Mastercard as it would be for other lending products. We offer solutions to customers with a wide range of credit histories.
While the Bloom Prepaid Mastercard acts like a supplement to your income because
you don’t need to pay a monthly bill, it is structured as a loan, and is not in fact “income”. As such, the amounts you spend are not taxable,
and don’t affect your CPP or OAS.
Access your home equity in a responsible and secure way to live retirement on your own terms.
Stay in the home you love
Maintain 100% ownership
No monthly payments required