Canada Life Equity Release Review

We Review Canada Life Equity Release & Look at the Pros, Cons & Schemes They Offer
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 & Costs? Read Our Reviews & Discover If Canada Life Lifetime Mortgage Schemes Are for You.

Before You Start Reading…

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

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Canada Life Equity Release



Could Canda Life have the right equity release product for you?

It’s REALLY hard to choose the best equity release provider with all the choices available.

Or is it?

The companies we profile, are the best in the business to help you unlock the cash tied into your home.We’re here to help you:

  • Understand the services that Canada Life offers.
  • Determine if they might be able to assist you and your family on your equity release journey.

Let’s find out NOW!

As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.

Is Canada Life the ideal equity release loan company to assist you and your family?

TABLE OF CONTENTS

What’s Equity Release?

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

Who Are Canada Life?

Canada Life Financial Corporation is a Canadian firm that provides group and individual life, health, and disability insurance.1 

After rejecting a hostile acquisition proposal by rival Manulife, it was bought by The Great-West Life Assurance Company in 2003.

What About the Canada Life Equity Release Calculator?

Before you consider using the Canada Life calculator, please take note.

Our providers can almost always match & BEAT any existing equity release quote that you find through Canada Life.

So first use this calculator below & see how much you can release.

How Much Can You Release?

Use the Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

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🔒 100% Safe & Fast

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Why Consider Canada Life?

Canada Life entered the equity release industry in 2018 following the acquisition of Retirement Advantage.

A specialist in providing retirement products such as lifetime mortgages and retirement accounts with roots as far back as 1852.

Prior to take-over Retirement Advantage was formed by a re-branding of MGM Advantage in 2015, following the purchase of former equity release lender – Stonehaven Equity Release.

Canada Life Reviews & Ratings

Canada Life Complaints

If you’re dissatisfied with Canada Life and wish to make a complaint, the best option is to go on their website directly.

They care about their clients and will direct you to the appropriate department if possible.

Alternatively, use a review site like Trustpilot or Feefo to leave a review and they’ll respond quickly.

Pros & Cons

Pros

  • Huge product selection.
  • Opportunities to make early repayments without facing a charge.
  • You can add a reserve fund to draw down extra cash from.
  • No danger of falling into negative equity.
  • All the lifetime mortgages they offer are FCA regulated.

Cons

  • Interest can grow rapidly, leaving less to your family when you die.

Editor’s Rating: 4.89

Canada Life’s Qualification Criteria

  • Minimum Available Cash: £10,000
  • Maximum Available Cash: £1 million
  • Lowest: 55
  • Highest Age: 90
  • Minimum Property Valuation: £70,000
  • Property Maximum Valuation: £6 million
  • Locations Available: England, Scotland, or Wales

Canada Life Equity Release Interest Rates & Schemes Compared

Are you looking for a specific equity release scheme?

These are some of the schemes offered or covered by Canada Life.

Not what you’re looking for?

Have a look at all the equity release schemes available on the market.

With our easy-to-use table or compare the equity release rates!

Canada Life Capital Select Lifetime Mortgage Schemes

With the Canada Life Capital Select Gold comes with a free valuation and application, and rates from 4.02%.

This equity release plan from Canada Life is available to a maximum of 2 applicants on a single and joint life basis.

Canada Life Lifestyle Lifetime Mortgage Schemes

With Canada Life Lifestyle plans, a generous free unlimited valuation is provided.

As well as a set lifetime interest rate on the original lump amount.

Any subsequent additional borrowings will be charged at the rates available at that time and are thereafter fixed.

The early repayment costs (ERCs) are one of the most appealing aspects of the Lifestyle Options plan line.

Canada Life only charges an early repayment charge on this equity release loan for the first 8 years following its start, drawdown, or further borrowing.

Early repayment penalties begin at 5% for the first five years, then decrease to 3% for the following three years, with no penalty thereafter.

Should the cash reserve be depleted, more borrowing is accessible in the future, with a minimum extra borrowing amount of £4,000 and no completion fee paid by Canada Life.

Canada Life Second Home Lifetime Mortgage Schemes

The Canada Life Second Home Lifestyle Options plan offers a one-time lump sum payout to homeowners.

Additional borrowing is permitted under the Lifestyle Options plan, and approval is contingent on meeting the criteria at the time of this separate application.

The lowest amount that may be borrowed under extra borrowing is £4,000, and there is no finishing charge.

The Canada Life Second Home plans are suited for homeowners who own one or more properties.

And want to use an equity release strategy to generate cash for any reason.

These might be for the purpose of avoiding capital gains tax by not selling their second home and instead, releasing equity to fund other initiatives.

Furthermore, second homeowners may desire to pay off an existing interest-only mortgage if no endowment or other repayment vehicle is available.

Again, rather than selling the house, a second/holiday home equity release may be utilised to refinance the property.

Allowing them to keep ownership of a vacation home until their retirement.

Learn More About Canada Life

Individuals, families, and businesses can benefit from Canada Life’s retirement, investment, and protection services.

It has 3.4 million customers and 470,000 pension annuities in place, and its investments section manages over £38.3 billion in stocks, fixed income, and property, as well as a broad multi-asset range.

Through financial advisers, Canada Life markets goods to individuals and corporations in the United Kingdom.

Canada Life is a subsidiary of the Great-West Lifeco business, which operates in Canada, the United States, Ireland, and Germany.

It’s been in business in the UK since 1903 and now employs over 1,200 people.

Aside from its fantastic goods and services, the company is also committed to developing the communities in which they live, work, and do business.

Shelter, Help Bristol’s Homeless, and Histio UK was among the organisations and communities the equity release business donated to in 2019.

As a company, its ultimate objective is to be a market leader in retirement, investment, and protection goods.

FCA Details

Regulators

  • Financial Conduct Authority (FCA) 2
  • Financial Services Authority Now the Prudential Regulation Authority (PRA) 3

Companies House Link

Canada Life Contact Number & Address

Got Questions

Is Canada Life a Member of the Equity Release Council?

What Are Canada Life's Interest Rates?

Who Owns Canada Life?

Where is Canada Life Located?

Does Canada Life Do Equity Release?

Is Canada Life Equity Release Safe?

Conclusion

So here’s the scoop – our intention is to help you by finding the best lifetime mortgage for you so that you can spend your money on something that you really want, rather than on a high tax bill.

Before you decide if Canada Life has the best equity release product for you, we recommend you speak to your financial adviser.

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

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🔒 100% Safe & Fast

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss 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.

See How Much You Can Release 👇

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Equity Release Calculator

Value of Your Home?

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