Sun Life Equity Release Reviews (Updated 2022)

Do You Want to Fund Your Retirement With Sun Life Equity Release?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Sun Life Equity Release? Discover the Pros, Cons & How Much Equity You Can Release With Sun Life. We’ve Got All the Answers You Need Right Here.

Choosing the right equity release lenders can be a massive challenge, especially with so many brilliant options on the market.

Perhaps you might become one of the over 800,000 customers in the UK who’ve released equity with SunLife?

Without this essential information, you could end up missing out on a life-changing opportunity.

As experts in our field, we discuss the following in this article:

    We put together an accurate guide by analysing plans offered by the entire UK equity release industry, showcasing the safest equity release lenders in the industry.

    Is SunLife one of them?

    Find out now!

    Before You Start Reading….

    Let’s See How Much You Can Release 👇


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    What is Equity Release & How Does it Work?

    Equity release is the title used to describe a variety of services that enable you to discharge (cash) equity trapped in your house if you are older.

    You have the choice of receiving the money all at once or in smaller instalments, as well as a range of options for combining both.

    Here’s more: What Is Equity Release & How Does It Work in Aug 2022?

    Are You Looking for the Sun Life Equity Release Calculator?

    Before you consider using the Sun Life equity release calculator, we want you to know that we’ll probably be able to find you a better rate and that means a great saving!

    Before You Start Reading….

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    How Did We Review Sun Life?

    We reviewed Sun Life by considering all of its data on the products it offers so that we can give you the most credible information about it.

    Sun Life Ratings

    SunLife Equity Release Complaints

    If you’re unhappy with Sun Life and would like to make a complaint then the best way to do this is reach out directly on their website, as they care about their customer

    The alternative is to use a review sites such as Trustpilot and leave a review and they’ll quickly reach out to you to assist.

    Sun Life Equity Release Interest Rates

    The type of scheme you select will affect the interest rates offered by Sun Life.

    Depending on your situation, equity release interest rates can range from 3 to 5 percent.

    What Are Sun Life Fees?

    The fees that Sun Life charges are market-related equity release fees.

    On average, equity release fees are £1,500 to £3,000.

    They may also offer you a free valuation; however, sometimes providers charge for this depending on your plan.

    Does SunLife Offer Lifetime Mortgages & Home Reversion Schemes?

    Yes, SunLife offers lifetime mortgages and home reversion schemes.

    With a lifetime mortgage, you’ll retain ownership of your property, whereas, with a home reversion scheme, you’ll sell your home below market value.

    Learn more about lifetime mortgages & home reversion schemes.

    An Introduction to SunLife

    SunLife offers affordable financial solutions, catering specifically to citizens aged 50+.

    SunLife opened its first offices opposite The Bank of England in 1810 and started offering plans for over 50’s in 1979.

    SunLife is a fully-regulated member of the Financial Conduct Authority, the Financial Services Compensation Scheme and the Data and Marketing Association.

    Furthermore, their equity release plans are regulated by the Equity Release Council (Age Partnership) and its funeral plans by Funeral Planning Authority (Dignity).

    What Are the Other Services Offered by SunLife?

    Besides release, SunLife offers funeral plans and life insurance for over 50s and 60s.

    What’s the Maximum Amount of Equity I can Receive with SunLife?

    With SunLife, you can receive up to 65% of your property through equity release.

    The amount that you borrow will depend on your age and the value of your home.

    What are the Pros & Cons of Equity Release with SunLife?

    The main pro of equity release with SunLife is that no monthly repayments are required.

    The main con of equity release with SunLife is that their website has limited information about their plans provided, so you’ll need to contact them for more information.

    Here are more pros and cons:

    SunLife Equity Release Pros

    • The cash you unlock is tax-free.
    • You can stay in your home until you die or enter long-term care.
    • The ‘no negative equity guarantee’ means you won’t leave your family with debt.
    • You can ringfence a portion of your estate as inheritance protection.

    SunLife Equity Release Cons

    • Interest is added annually and can compound quickly.
    • Your family’s inheritance will be reduced.
    • Releasing equity may impact your tax benefits and means-tested benefits.
    • They charge fees, but these can be covered with the money you unlock.

    Interesting read: Is Equity Release Safe in Aug 2022?

    SunLife Equity Release Products

    SunLife equity release allows you to use the equity in your house either through a lifetime mortgage or a home reversion plan, only if you have a little or no mortgage left.

    To be eligible for a SunLife equity release program, you must be at least 55 years old and own property worth a minimum of £70,000.

    Customers of SunLife equity may benefit from special offers, discounted rates, and low application fees if they use the services of Age Partnership.

    Why Should I Consider SunLife?

    SunLife is an award-winning financial institution for over 50s. Its equity release plans are through Age Partnership, a leading equity release provider.

    Ask your financial adviser about SunLife to see if it’s the best institution for you and your family.

    Sun Life Contact Number

    Common Questions

    Is Sun Life a Member of the Equity Release Council?

    Who Owns Sun Life?

    Sun Life Jobs?

    Does Sun Life Do Equity Release?

    Is Sun Life Equity Release Safe?

    In Conclusion

    If you’re looking for Sun Life equity release and want the best rate use the form below.

    Before You Go…

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    Editorial Note: This content has been independently collected by the EveryInvestor 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.