Canada Life Equity Release
Canada Life entered the UK lifetime mortgage market in 2018 through the acquisition of Retirement Advantage - one of the early equity release specialists.
Important: Equity release is a long-term commitment and will reduce the value of your estate. It may affect entitlement to means-tested benefits. Independent financial and legal advice is required. All plans recommended are from Equity Release Council approved lenders. Your home may be repossessed if you do not maintain required payments on a secured loan.
About Canada Life Equity Release
Their home finance division (Canada Life Home Finance) offers flexible lifetime mortgage plans with competitive drawdown options. As an independent broker, we compare Canada Life against the whole ERC-approved market.
The options we compare
Canada Life Lifestyle Plan
Canada Life's core lifetime mortgage product. Lump sum or drawdown options. Interest rolls up and is repaid from the eventual property sale. Competitive rates within the market.
Canada Life Drawdown Plan
Flexible drawdown facility with a cash reserve. Interest only accrues on drawn amounts. A cost-effective structure for clients who need money in stages rather than all at once.
Canada Life Optional Payments
Voluntary monthly interest payments to manage roll-up. No obligation - payments can stop at any time without penalty.
Canada Life and Health
Canada Life assesses health at application and may offer enhanced terms for qualifying conditions - releasing more money for shorter life expectancy cases.
Canada Life Property Types
Canada Life considers a range of property types including standard freehold and leasehold properties. Their lending criteria should be checked for non-standard construction or unusual properties.
Independent Comparison
Canada Life is one of several strong equity release lenders. We compare their rates and terms against Aviva, L&G, Just, More2Life, Pure Retirement, and others to identify the most appropriate plan for your circumstances.
How We Help
Full assessment
We assess your circumstances before approaching Canada Life or any other lender.
Canada Life vs whole market
Canada Life's illustration compared against all relevant providers.
Key Facts Illustration
Standardised KFI from the chosen provider.
Legal advice and completion
Independent solicitor. Completion typically 4-8 weeks.
Speak to our later life lending specialists
Call 0204 6211776 · Whole-of-market advice across all later life products · FCA No. 814533
Frequently asked questions
Is Canada Life a good equity release provider?
Canada Life is an established, FCA-regulated, ERC-approved equity release provider with competitive plans and a track record in the UK market since acquiring Retirement Advantage in 2018. Whether they are the right provider for you depends on your specific age, property, and requirements. We compare them against the full market.
What is Canada Life Home Finance?
Canada Life Home Finance is the trading name of Canada Life Limited's UK home finance division - the business that handles lifetime mortgages and equity release products. It emerged from the rebranding of Retirement Advantage after Canada Life's acquisition.
Can Canada Life do equity release on a leasehold flat?
Canada Life considers leasehold properties, but criteria apply regarding minimum remaining lease term and other factors. We check property eligibility with Canada Life and alternative lenders if the property is unusual.
What are Canada Life's equity release rates?
Canada Life's indicative rates are typically within the 5.3%-6.3% AER range (August 2026). Exact rates depend on age, property value, and plan type. Rates change regularly - we obtain live illustrations.
Can I make partial repayments on a Canada Life lifetime mortgage?
Yes - Canada Life allows voluntary partial repayments on their plans. The annual repayment allowance and the specific terms are detailed in the Key Facts Illustration for the specific plan.