Canada Life entered the equity release industry following the acquisition of Retirement Advantage which completed in 2018. Prior to the 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. Tracing its roots back to 1852, Retirement Advantage were a specialist in providing retirement products such as lifetime mortgages and retirement accounts.
Canada Life's range of lifetime mortgage uk plans offer a 'design-it-yourself' approach to equity release. Offering a suite of products such as lump sum, interest only lifetime mortgages and voluntary repayment schemes, they have also expanded into Buy-to-Let and Second Home equity release plans. This multi-national life office has introduced a line of products to be used by people who own a second property.
The suite of Second Home lifetime mortgages offered by Canada Life, add to a somewhat depleted marketplace for equity release schemes being available on second properties. These schemes exist where homeowners have use of their 2nd or holiday home for personal use, or let-out for a very short durations. Therefore, with these equity release plans, existing homeowners can capitalize on the benefits of equity release schemes, even if they are not living in the property.