Hi Bob, they’re combined. So fees would just be charged once. Thanks!

Hi Kerry, yes appraisal is required but depending on the home/situation, could just be an AVM. ILA is required to close the mortgage. Rates and fees are the same as the Bloom Reverse Mortgage – https://www.bloomfin.ca/rate-and-fees. Thanks!

Is the prepaid. M. C. A separate entity from the reverse mortgage or are they combined. Eg. The fees and the appraisal and the ILA Are they charged on each transaction Or is it combined fees ?

The Card is structured as a first mortgage so any existing mortgage would need to be paid out first. Bloom often refinances existing mortgages and then issues a Card in addition – it can all happen together. This has the dual benefit of eliminating the mortgage payment, and giving clients extra spending power through the Card.

You can visit BloomCard.ca to get started!

Hi Kerry,
Bloom confirmed to us that the closing process is the same as for a reverse mortgage, which does require independent legal advice (ILA).

Bloom arranges and pays for the appraisal upfront, which the client then pays for once they close.

All standard fees apply, as outlined here: http://www.bloomfin.ca/rate-and-fees

Hope that helps