SunLife equity release review
This review of SunLife’s equity release service is one in a series of equity release reviews featuring many of the nation’s leading providers. The series has been created to give you a helpful summary of the various plans on offer, so you can consider what might be best for you.
The SunLife name goes back over 200 years. In 1900, it was the first to offer no-medical life insurance, and in 1979 it introduced over 50 life insurance to the market. Today, SunLife offers general life insurance, funeral plans, home, car, and pet insurance, alongside the now familiar SunLife Guaranteed Over 50 Plan. It also offers an equity release service provided by Age Partnership.
SunLife is a member of the Financial Conduct Authority and the Financial Services Compensation Scheme. Age Partnership is a member of the Equity Release Council, so SunLife’s equity release customers are protected by its rules and principles.
Coincidentally, we have also selected Age Partnership’s independent and award-winning services as our equity release partner. Read our Age partnership review to learn more.
SunLife’s equity release service – in summary
The SunLife equity release service provided by Age Partnership offers independent advice on lifetime mortgages and home reversion plans from across the whole market. This service also gives you access to preferential rates and competitive fees negotiated by Age Partnership, that may not be available elsewhere.
When you use the SunLife’s service, you will speak to a qualified and experienced Age Partnership advisor. They will listen to your specific needs; talk through everything you should consider and advise you on whether equity release is a good option for you. If it is, they will give you a full quote and recommendation in writing, with no-obligation to proceed. There’s no charge for this service – only if you decide to go ahead will you be charged a fee.
For each successful application, Age Partnership pays SunLife a fee based on a percentage of the equity released.
Features of equity release plans bought through SunLife’s equity release service:
- You continue to live in your own home until you or your partner die or move into a care home
- You can still move home, but fees may apply
- The Equity Release Council’s ‘no negative equity’ guarantee will apply, so you will never owe more than the value of your home and won’t leave a debt behind.
Eligibility criteria for equity release
Eligibility for an equity release scheme will vary between providers. Your advisor will explain the eligibility criteria for those providers they believe to be best suited to you. However, SunLife does give the following as the minimum requirement:
- You must be aged 55 or over and live in the UK for the majority of time
- You must be a homeowner of a property worth at least £70,000
- You must be mortgage-free or only have a small mortgage remaining, which will have to be paid off using the money released
- The property must be freehold or have a very long lease left to run
- The property should be of standard construction i.e. built form bricks and mortar
To find out how equity release providers compare or to see how much cash you could release from your home, use our no-obligation easy-to-use free calculator.
Always seek professional advice, but please be aware that some advisers only advise on certain equity release companies or plans, which might not be a good fit for your unique circumstances. For free and independent advice on schemes from across the whole market, call 0800 133 7380 to speak to a specialist adviser at Age Partnership.
And finally, before you reach a decision, give it plenty of thought, make sure you understand exactly what you are committing to, consider the alternative and talk through your intentions with your family.
Try the calculator