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Canada Life is a financial services company offering a range of retirement and investment products. This includes a series of lifetime mortgages for those looking to release equity from their property.
Canada Life offers five different brands of lifetime mortgage. Below is a list of the five lifetime mortgages and their key features.
Following a successful application, you will be granted a tax-free lump sum. The maximum amount you are permitted to borrow will depend on your age and the value of your home.
Canada Life will begin calculating the interest immediately, but there’s no obligation to make any repayments on this loan until after you die or move into long-term care (unless you choose its Interest Select product).
You can make voluntary early repayments on your loan, although you may face an early repayment charge (ERC) in some scenarios. Some Canada Life mortgages allow you to make early repayments with no ERC.
Here are some features you can add to your loan.
All lifetime mortgages are regulated by the FCA. You’ll have to apply through a financial advisor. They’ll be able to ensure you understand the product and recommend the best one for your needs. Also, there’s no danger of falling into negative equity.
So, it’s a safe product in that sense.
All applicants should be aware that interest can compound quickly, especially if you’re not making any repayments on the loan. However, Canada Life also has options that allow you to make early repayments without paying an ERC.
You can apply for one of these products through a financial advisor. Canada Life suggests you find one through the Equity Release Council.
Canada Life has received mixed reviews from customers, according to review platform Trustpilot. It currently has a rating of 2.5 out of 5, based on 16 reviews (updated 12 April 2021). Some customers reported issues with payments and transactions.
There is so much flexibility with Canada Life mortgage products. If you think a lifetime mortgage is a good option for you, there’s likely to be a suitable product for you from this provider.
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