Canada Life Equity Release Review

Updated 9th January 2024 - I have reviewed Canda Life Equity Release to help you understand more about the company and the services they offer. Here’s what I found:
  • Award winning Equity Release provider
  • Option to include downsizing or inheritance protection
  • Flexibility to repay up to 10% of the original amount each year

Once you have read the Canada Life Review, you could compare equity release schemes from other providers and as a starting point use the equity release calculator to see how much cash you could release from your home.

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About Canada Life

This Equity Release review focuses on Canada Life, retirement, investment and protection specialists for individuals, families and companies.

Canada Life’s parent company Great-West Lifeco was founded in 1847 and is the oldest Canadian life assurance company.

Their UK operation started in 1903 and they acquired Retirement Advantage in January 2018, a company that provided a range of simple, flexible and secure products for those approaching retirement.

The Canada Life range of equity release schemes are regulated by the Financial Conduct Authority and they are members of the Equity Release Council, which means they have voluntarily agreed to abide by the principles of their membership. Plus Canada Life has won awards for their products and services including:

  • MoneyAge Awards equity release lender of the year 2022
  • Equity Release Awards for best underwriter / best service provider / best adviser support, training and development 2022
  • Moneyfacts best equity release provider 2018 - 2020

Canada Life Lifetime Mortgage options

Canada Life’s lifetime mortgage Capital and Lifestyle Select Options let you release equity in one go or as and when you need it with their drawdown facility.

The Canada Life lifetime mortgage options included in this review also offer the following:

  • No Negative Equity Guarantee – which means your estate will never owe more than the price the property is sold for.
  • Additional borrowing –lets you borrow further amounts in the future, subject to the lending criteria at the time of the application.
  • Inheritance Guarantee – if you want to ensure a percentage of the property value is left as an inheritance for family.
  • Make repayments – of up to 10% of the original loan each year
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Are you eligible for Canada Life Equity Release?

Canada Life schemes are only available through IFA’s and independent brokers, so once you have read our equity release reviews, it is important to get advice from a specialist. They can advise you on the best course of action and also work with you to establish whether a lifetime mortgage is right for you.

To qualify for Canada Life plans the following must apply:

  • The youngest applicant is a homeowner aged between 55 and 60 depending on the type of plan you choose
  • The property needs to be worth at least £70,000

Other conditions will apply such as the type of property and whether you have any existing mortgage against it but this information will be available through your financial adviser.

Ways to contact us

Call 08001337380
Call 0800 133 7656
Arrange a callback
Arrange a callback
Try the calculator
Try the calculator
Email us
Email us

Additional Information

  • There is an early repayment charge that applies for the first 8 years of the plan
  • You have the flexibility to move home and subject to your new property meeting the approval of Canada Life’s lending criteria, the plan will move with you
  • There is a maximum application age threshold of 90 for the youngest homeowner
  • You have the option to choose downsizing protection which allows you downsize with no early repayment charge

Canada Life Equity Release Calculator

As these plans are sold by IFAs and specialist mortgage brokers, there isn’t an online Canada Life equity release calculator. If you are interested in one of their plans, speak to a specialist equity release adviser who can help you choose the right plan for you.

If you are interested in learning more about how much you could release from your home, please go to our Equity Release Guide.

What should I do now?

My review of Canada Life equity release is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs, seek professional advice and talk to your family.

To see how much cash you could release, why not try our free and easy to use calculator.  Alternatively to see how other companies compare, take a look at our equity release reviews.

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Other Equity Release Company reviews that you may wish to view

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Our aim is to provide you with clear and accurate information to help you research your chosen financial products and services. The material on this site is for general information only and does not constitute any form of advice or recommendation.

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None of the above arrangements constitute advice or recommendations, as other products and companies are available. You should always obtain independent, professional advice for your own situation.

The information provided on this site is accurate at the date of publication, occasionally however, things will change before we have had the opportunity to update them, so please do check. Always do your own research and take independent advice.

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Over50choices is an independent company and regulated by the FCA (No.594280) for insurance products only and a member of the Equity Release Council.

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