Canada Life Equity Release (Jan 2022)

Canada Life Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Canada Life Equity Release? What are the Pros & Cons? What are the Costs? Discover If Canada Life Lifetime Mortgage Schemes are for You.

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Canada Life Equity Release

Consider a global financial provider to help you unlock the key to your retirement dreams!

Perhaps the award-winning Canada Life will be the equity release provider you’ve been looking for? They are certainly a trusted financial institution with over £987bn in assets, but are they right for your equity release needs?

We’re here to help you learn:

  • Who is Canada Life?
  • Services offered by Canada Life.
  • Why consider Canada Life for Equity Release?

Our research team has spent over a year reviewing more than 220 top equity release plans to learn who offers the best solutions on the market and what makes an outstanding equity release provider.

Here’s what we found about Canada Life:

What’s Equity Release & How Does it Work?

The equity release option allows people over the age of 55 to obtain tax-free cash tied into their homes. The amount you can get is determined by your age and how much your property is worth. Depending on the equity release plan you pick, you can receive your money as a single lump sum or in instalments.

Comprehensive information: What is Equity Release?

Does Canada Life Offer Lifetime Mortgages & Home Reversion Schemes?

Canada Life offers lifetime mortgages and over 55 buy-to-let mortgages, but they don’t have home reversion schemes.

What’s a Lifetime Mortgage?

With a lifetime mortgage, you take out a mortgage against the value of your house. When you die or enter long-term care, the loan and interest are generally paid off. You always retain 100% ownership of your property, and it will never be repossessed as long as you comply with the terms and conditions of your mortgage.

Full article: What is a Lifetime Mortgage?

What’s an Over 55 Buy-to-Let Mortgage?

An over 55 buy-to-let mortgage lets you borrow money to purchase a property that you then rent out and receive rental income from. Instead of paying off your mortgage in monthly instalments, you may use it to fund an investment property that you later rent out and make money on.

An Introduction to Canada Life

Canada Life Financial Corporation operates in the insurance sector, providing health, life and disability products for individuals and groups. A subsidiary of the Great-West Life Assurance Company, they aim to be the market leaders in the UK in retirement, investments and goods protection. They began in 1903 and today, through financial advisers, deliver services to individuals, families and groups.

Their business consists of:

  • 3.4 million customers
  • 470 000 pension annuities
  • £38.3 billion in stocks, fixed income, property & multi-assets
  • 1 200 members of staff

They provide an inclusive workplace where everyone feels valued, has a voice and has equal growth opportunities. Canada Life is committed to developing the communities in which they live, work, and do business. In 2019, their equity release business donated to Help Bristol’s Homeless, Histio UK and Shelter.

Great-West Lifeco operates in Canada, the United States, Ireland, and Germany.

What Are the Services Offered by Canada Life?

In addition to offering equity release products, Canada Life specialises in savings and investments, estate planning, trusts, retirement planning, pensions, and home finance.

The Pros & Cons of Equity Release with Canada Life

The main pro of equity release with Canada Life is that you have the option of voluntary repayments as low as £50 per year. The main con of equity release with Canada Life is that it will reduce the amount of inheritance you leave.

More pros and cons:

Canada Life Equity Release Pros

  • No affordability checks are required.
  • No loan or interest payments are required in your lifetime.
  • You can make repayments as frequently as you want, up to 10% of the loan annually.
  • You can set up a standing order to make repayments.
  • Free valuation and no completion fee.

Canada Life Equity Release Cons

  • If you don’t repay the interest, it can compound quickly.
  • There are early repayment charges if you end your plan early.
  • Further advances require additional financial advice.

Canada Life Product Features

Canada Life offers lifetime mortgages with the following features:

  • Flexible loan repayments of up to 10% annually.
  • You can add a cash reserve to draw down equity at a later stage.
  • The option of 3% cashback.
  • Downsizing protection.
  • Second-home options.
  • Free valuation and no completion fees.

Why Should I Consider Releasing Equity with Canada Life?

You should consider Canada Life for equity release as they offer an award-winning range of products. Furthermore, they’re known for market-leading expertise and customer service.

How Do I Know if Canada Life is Right for Me?

You will know that Canada Life is the best lifetime mortgage lender for you and your family if your financial adviser suggests their products. You can review your options and present your adviser with your favourite options.

Is It a No to Canada Life?

Not to worry, there are plenty of equity release lenders to consider. Take a look at our comprehensive information on the best lenders who are members of the Equity Release Council.

How Much Can You Release?

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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
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She writes on the topics of equity release, home reversion, and mortgages.

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Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.