We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.

What is Equity Release?

Equity release products allow you to release some of the cash in your home. The money you release is yours to do whatever you like with, to improve your lifestyle or pay off an existing mortgage, for example. The amount of money you can borrow depends on your age and the value of your property.

There are two types of equity release products; lifetime mortgages and home reversions.

Home Reversions

If you take out a home reversion plan, a provider buys all or part of your home from you, and you are able to remain in your house as a tenant for the rest of your life.

Lifetime Mortgages

A lifetime mortgage allows you to retain ownership of your property. It’s a loan taken out against the value of your home that is repaid when you die or go into long term care, along with any interest that has accumulated. This money can be taken out as a lump sum, or you can choose to draw down smaller amounts from a reserve facility as and when you need it. You can also choose whether you’d like to make payments or let the interest roll up, which means that you have peace of mind and are able to stay in control of your finances.

How do I take out equity release?

If you think equity release may be a good fit for you, you’ll need to speak to a financial adviser, you can’t apply directly to a lender. Your financial adviser will be able to find the best option for you, and explain the risks and benefits. They’ll also submit the application on your behalf. If you need help to find a financial adviser click here. (Link to: find a financial adviser page URL tbc)

 

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.