SunLife Equity Release Review
- Equity release schemes available with leading UK lenders
- You must be 55 or over and own your own home
Once you have read the Sunlife Review, you could make a comparison of 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
This equity release review focuses on SunLife.
SunLife have roots spanning as far back as 1810 when they opened their first office in London. In 1900 they were the first company to offer no medical life assurance and then launched the first Over 50s life insurance plan back in 1979, which is how SunLife or SunLife Direct as they were formally called are best known.
In addition to their well known SunLife Guaranteed Over 50s life Insurance Plan, SunLife now also offer general life insurance, funeral plans, home and car Insurance, pet insurance and of course equity release.
Important information: Sunlife are no longer partnering with Age Partnership for equity release; as soon as we know who their new partner is we will update this review.
The SunLife Equity Release Service options
SunLife equity release lets you unlock the equity tied up in your home with either a lifetime mortgage or home reversion plan. To qualify for a SunLife equity release scheme, you need to at least 55 years of age and own property worth at least £70,000.
Using the services of Age Partnership means that SunLife equity customers could benefit from exclusive products, preferential rates and competitive application fees.
Incidentally Age Partnership is also the company we selected to offer Equity Release services, so if you want to know more about them, just read our Age Partnership Equity Release Review or click here to use their equity release calculator.
Are you eligible for the SunLife lifetime mortgage scheme?
Choosing equity release is an important decision, one that will affect your family’s inheritance, so it is important to talk to them first.
When you use the SunLife equity release service, you will speak to a qualified and experienced advisor at independent broker Age Partnership, who will talk through your requirements and provide a full written no obligation recommendation.
Whether you are eligible for SunLife Equity Release through Age Partnership will vary from provider to provider. Therefore eligibility and the amount you can borrow will depend of your current situation and the equity release schemes available to you. Having said that, as a minimum SunLife state that customers must be:
- Aged 55 or over
- Living in the UK most of the time
- Home owners with no mortgage or a relatively small mortgage remaining (this must be paid off with any money released)
- Owners of property worth at least £70,000
In addition the SunLife Equity Release Guide states that the property should be built form bricks and mortar and that you must own either a freehold property or one with a long lease.
Review of additional information on the SunLife Equity Release scheme
- You continue to live in your own home until you or your partner if named on your equity release scheme die or move into a care home
- You can still move home with an equity release scheme but fees may apply
- Age Partnership are members of the Equity Release Council therefore all of their equity release products come with a ‘no negative equity’ guarantee which means you will never owe more than the value of your home.
- In addition, equity release schemes are also regulated by the Financial Conduct Authority (FCA)
SunLife Equity Release Calculator
SunLife has an equity release calculator that provides an example of how much equity you could release from your home based on your age and property value which works in the same way as the Age Partnership calculator that we offer here.
They also have a simple property calculator that will give you an idea of your property value. Having said that you can of course go directly to Zoopla and get a more detailed valuation with their online service if you are happy to spend a few minutes completing the online form - just click here if you want to use this service.
What should I do now?
Now you have read our SunLife Equity Release Review it is worthwhile comparing all types of equity release on offer. It is worth keeping in mind some advisers only work with specific companies which may not offer you the most appropriate scheme.
This is one reason both Sunlife and Over50choices have teamed up with Age Partnership, as they compare schemes and have access to preferential rates with leading UK companies like
Aviva, Legal & General, Pure Retirement, Just Retirement,Canada Life and Crown.
Why not try our equity release calculator to see how much cash you could release?