Canada Life Equity Release Review
- 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.
Try the Equity Release Calculator
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
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.
- 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?
Now you have read our Canada Life Equity Release Review it is worthwhile knowing how their lifetime mortgage compares to other schemes.
Remember, when comparing plans, some advisers only work with specific companies. This is one of the reasons we have teamed up with leading specialist Age Partnership, as they compare schemes and have access to preferential rates with leading UK companies like Aviva, Pure Retirement, Just Retirement, Canada Life and Crown.
Continue your research here on how to calculate equity release on your property.