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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 products

At Canada Life, we provide lifetime mortgages and buy-to-let mortgages.

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

The mortgages we offer are capital repayment products. This means you can make voluntary repayments each year, without any early repayment charges. They offer more flexibility and choice.

Find out more about our lifetime mortgages and buy-to-let mortgages.


Find out whether equity release is right for you

We're members of the Equity Release Council

We abide by standards that protect your interests as a homeowner to give you confidence in our products and services.

You can read more about how we work together with the Council here.

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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