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What is equity release?

Equity release lets you unlock the value of your property and take the cash as a lump sum. There are different types of equity release and a range of products available depending on your property and the type of loan you need.

Releasing equity

Equity release lets you unlock cash from the value of your home. The amount you can release depends on your age, how much your property is worth and how much you choose to borrow. 

There are two different types of equity release:

  1. Lifetime mortgage
  2. Home reversion plan

We offer lifetime mortgages, but it’s important you understand the main differences:

Lifetime mortgage

You take out a mortgage against the value of your home. The loan, along with any interest, is normally repaid when you die or move into long-term care.

You always retain 100% ownership of your property and it will never be repossessed, provided you follow the terms and conditions of your mortgage.

Home reversion plan

A provider buys all or part of your home from you and you can remain in your house as a tenant for the rest of your life.

You normally lose ownership of your property to the reversion company, but some allow you to retain an interest.


Our equity release products

At Canada Life, we provide lifetime mortgages. 

Our range of lifetime mortgages let you choose how to release cash from your property. They can be used to unlock cash from your main residence or a second home, with flexibility over the amount you can borrow.

We offer the following types of lifetime mortgage:

Interest roll-up options

You don’t need to make any monthly interest payments. The interest builds up and is added to your mortgage each month. 

Capital and interest repayment options

These products allow you to make voluntary repayments each year, without any early repayment charges. They offer more flexibility and choice.

Our lifetime mortgage types

This table sets out our products and the type of repayment options available:


Capital Select Options

Lifestyle Options

Prestige Options

Second Home Lifestyle

Second Home Voluntary Select

Interest roll-up






Capital and interest repayment






Find out more about our lifetime mortgages


Buy-to-Let mortgages

We also offer a range of mortgages that can be secured on your buy-to-let property. This table sets out the repayment options available.



Over 55 Buy-to-Let Lifestyle

Over 55 Buy-to-Let Voluntary Select

Interest roll-up



Capital and interest repayment



Find out more about our Buy-to-Let Mortgages.


Financial advice

Releasing equity from your property is a big decision. So to make sure the choices that are right for you, we only sell our lifetime mortgage products through financial advisers.

Next steps

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Find an adviser

Get a tailored quote for this product from a financial adviser. To find one, visit the Equity Release Council.

Find an adviser
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Customer support

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