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Canada Life is a prominent provider of insurance, wealth management, and retirement solutions in the UK. They offer a range of home finance products aimed at helping homeowners unlock the value of their properties to enhance their retirement.

Canada Life Equity Release Plans

Lifetime Mortgages: Canada Life offers a variety of lifetime mortgages, a type of equity release plan that allows homeowners aged 55 and over to access tax-free cash from their home's value. You can choose between taking a lump sum or setting up a reserve to draw funds as needed. They provide two primary options: Capital Select and Lifestyle Select.

Capital Select Options: These options provide flexibility, allowing you to repay up to 10% of the loan each year without penalties. You can also add a cash reserve to access additional funds later. Downsizing protection is included, ensuring you can repay the mortgage without penalty if you need to move to a smaller home.

Lifestyle Select Options: These plans offer the ability to make voluntary repayments and include an inheritance protection guarantee, allowing you to safeguard a portion of your home's value for your beneficiaries. They come with fixed early repayment charges and flexible features for accessing your equity.

Key Features:

  • Tax-Free Cash: Access a lump sum or set up a reserve for future withdrawals.
  • No Monthly Payments Required: The loan and compound interest are typically repaid when the property is sold, usually after the homeowner passes away or moves into long-term care.
  • Inheritance Protection: Options to protect a percentage of your home's value for your heirs.
  • No Negative Equity Guarantee: Ensures you will never owe more than the value of your home when it is sold.

Benefits of Lifetime Mortgages

  • Flexible Use of Funds: Use the released cash for home improvements, paying off debts, or helping family members.
  • Retain Homeownership: Continue living in your home for life.
  • Portability: Transfer the mortgage to a new property if it meets Canada Life’s lending criteria.
  • Fixed Interest Rates: Enjoy predictable costs with fixed interest rates for the life of the loan.

Professional Advice

Seeking professional advice is essential when considering Canada Life equity release plans. An adviser can provide personalized recommendations based on your financial situation and retirement goals. They can help you understand the pros and cons of different options and make informed decisions about your equity release strategy. This ensures that you fully understand the long-term impact on your financial future and can avoid potential pitfalls.

Next Steps

Choosing the right equity release plan is crucial for securing your financial future in retirement. Getting expert advice can help you make the most of your home's value. By understanding your specific needs and circumstances, an adviser can guide you through the process and help you optimize your financial strategy.

Interested in learning more about equity release and how to maximize its benefits? Speak to a knowledgeable adviser who can provide personalized advice and support.

Get Expert Canada Life Advice Now

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Why Use Us?

Unbiased & Impartial - We search every equity release lender in the UK. We're an independent website with no affiliation to any equity release lender and therefore we don't promote any "special offers" from specific lenders.

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How It Works

  1. Complete our simple form
  2. Our partner, Unbiased, will connect you with one equity release adviser perfectly suited to meet your needs. Expect an email with their details.
  3. You'll receive a no-obligation equity release quote
  4. Your assigned broker will then contact you to schedule your first meeting.

What People Say

"He has kept me posted every step of the way and explained everything fully. There were no hidden costs. I would definitely recommend and will not hesitate to use them in the future"


"Very satisfied with the service received ! The advisor was excellent handling our equity release and was very helpful with all questions we had and changing our term twice! Thanks again!"

What do we search?

149

Lenders

55

Available from age

6.05%*

Deals from

30

Seconds to Quote

*Example rate shown is from Hodge with a rate of 6.05% (12/09/2023). The rates shown are for illustrative purposes only, they should not be taken as any form of advice or recommendation. Actual mortgage quotes are based on individual circumstances.

  1. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.