SunLife equity release review

Updated 9th January 2024 - I have reviewed SunLife Equity Release to help you understand more about the company and the services they offer. Here’s what I found:

Sunlife Sunrise lifetime mortgages are a new range of equity release products available through their Sunlife Equity Release Service. They offer customers flexibility, letting you release equity in one lump sum or instalments and choose downsizing and repayment options.

Sunlife Equity Release Service is a trading name of Key Advice Solutions Limited which is an appointed representative of Key Retirement Solutions Ltd. The mortgages are provided and administered by Standard Life Home Finances.

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

About SunLife

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.

Are you eligible for SunLife equity release?

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, who will talk through your requirements and provide a full written no obligation recommendation.

To qualify for SunLife equity release, you need to at least 55 years of age and own property worth at least £70,000. The amount you can borrow will depend of your current situation and the equity release schemes available to you.

As a minimum you will need to 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 from 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

Key Retirement Solutions Ltd are authorised and regulated by the Financial Conduct Authority.

Standard Life 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.

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.

What should I do now?

My review of SunLife 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.

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.

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.

Why not try our equity release calculator to see how much cash you could release?

Try the calculator

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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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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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