Toronto-based Bloom Finance has launched SafeRate, the country’s first reverse mortgage with a lifetime fixed interest rate, giving Canadian homeowners aged 55 and older new tools to manage retirement finances amid rising living costs.
The new product marks a first for Canada’s reverse mortgage market, introducing several consumer-first features that aim to provide stability, flexibility, and family protections.
SafeRate’s standout innovation is its “Stability for Life” guarantee — a fixed rate that lasts for the full term of the loan, eliminating exposure to future interest rate changes and renewal premiums. The product also includes a “Right to Move” option that allows borrowers to retain their mortgage and rate if they choose to downsize, without incurring penalties.
Bloom is also setting a new standard for compassion in lending, offering prepayment fee waivers within three years of the first homeowner’s death, or if the last surviving homeowner moves into long-term care.
“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 and 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.”
With three-quarters of Canadian retirees owning their homes, Bloom sees growing demand for solutions that allow seniors to access their home equity without being forced to sell or downsize.
By combining long-term rate certainty, flexibility, and family-oriented safeguards, Bloom positions SafeRate™ as the most consumer-friendly reverse mortgage available in Canada — designed to help older homeowners stay in their homes and maintain control of their financial futures.
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