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Find out more 0800 142 2255

The SunLife Over 55
Equity Release Service

Tax-free cash for the retirement you deserve – on the house

Try our equity release calculator

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Why the Over 55 Equity Release Service could suit you

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Unlock tax-free cash

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You still own your home

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FREE £25 gift voucher*

What is equity release?

If you’re a homeowner aged 55 or over and wondering how to get hold of extra funds, equity release could be worth thinking about. You could access tax-free cash (or equity) tied up in your home, without having to sell up and downsize – and it’s up to you how you spend your money.

  • Release from £10,000 to £100,000 or more
  • No need for monthly repayments
  • Make the home improvements you’ve always dreamed of
  • You don't have to downsize or pay expensive stamp duty

Interested in The SunLife Over 55 Equity Release Service?

Call us today on: 0800 142 22 55
Equity Release calculator

How much could you release?

We'll give you an estimate — on the house

Through our partner, Age Partnership, SunLife Limited will use your personal information to help respond to your enquiry and answer any questions you have.

By using this tool, you are agreeing to the Google Maps API Master Terms, subject to change at any time.

Equity release guide

If you would prefer a handy guide to read through at home, just fill in this form and we’ll send you one in the post.

Request a guide

Why Choose The SunLife Over 55 Equity Release Service?

Find out how you could unlock some of the money tied up in your home with The SunLife Over 55 Equity Release Service.

Video transcript
The SunLife Over 55 Equity Release Service

Meet John and Mary. They’ve lived in their home for 20 years. Now it’s worth more than double what they paid for it. Lucky them!

Although… Mary would love to sort out the garden. And John would love to extend the house and put a new kitchen in.

After a bit of research, John found out about equity release. He discovered they could unlock up to £100,000 of the equity tied up in their home.

Mary got very excited.

So John called The SunLife Over 55 Equity Release Service.

They had free advisor appointment which helped them understand the ins and outs. They also got a free £25 gift voucher, which John used very wisely.

And then they went ahead, choosing equity release which gave them tax-free cash with no need for monthly repayments.

Retirement’s great now. John and Mary have even discovered that they’ve increased their home’s value!

To find out more about the SunLife Over 55 Equity Release Service, call us today.

See if your home’s gone up in value

Try our free calculator today to find out how much your home could have made you since you bought it.

How could equity release help you?

Our dream shopping basket lets you explore the ways you might choose to spend the cash tied up in your home.

Exploring equity release

If you’re thinking about equity release, you’ll want to know all the ins and outs. Our latest posts are a great place to start, so why not grab a cuppa and have a read?

Equity release versus downsizing

Pros and cons of equity release

5 common equity release myths

Lifetime mortgage

This is the most popular type of equity release scheme. You take out a loan against the value of your home and receive your cash as a tax-free lump sum, or access it as and when required. There’s no need for monthly repayments – interest is simply added to your lifetime mortgage and both are repaid when the property is sold.

  • Get expert advice from Age Partnership
  • You still own your home
  • No need for monthly repayments
  • No risk of negative equity
  • Spend your money as you wish

Bear in mind…

Whether you’re considering a lifetime mortgage or a home reversion plan, equity release is a big decision – so make sure you consider all your options before making a final decision. You must be 55 or over and a UK homeowner to qualify for an equity release mortgage – and how much you can borrow will depend on your age, your health and the value of your home.

Remember that taking out a lifetime mortgage will reduce the inheritance you leave your loved ones, so it’s a good idea to involve them in the decision. An expert financial adviser will help you understand whether an equity release scheme is right for you. It’s worth noting that equity release will impact the size of your estate and entitlement to means-tested benefits.

Frequently asked questions

What is ‘equity’?

The ‘equity’ (or cash) in your home is its market value, minus any mortgage or debt you have against it.

Is equity release right for me?

When you call the SunLife Equity Release Service, we’ll refer you to an equity release expert adviser from Age Partnership. They’ll assess your needs and help you decide whether equity release is right for you.

Who is Age Partnership?

Age Partnership Limited are specialists in equity release and SunLife’s preferred partner for equity release advice. They provide advice for around 1 in 4 of all equity release plans in the UK.

Why are you referring me to Age Partnership?

Age Partnership has been providing specialist equity release advice for more than a decade. By working with them, we give you access to award-winning advice, exclusive products, preferential interest rates and competitive application fees. Your equity release adviser will assess your needs and help you decide whether equity release is right for you.

How much equity can I release?

Well, that depends on many factors, like the type and value of your home, and your age when you start your plan. It’s likely that the older you are, the more equity (or cash) you can release. Feel free to use our equity release calculator for a guide.

Can I still move home?

With many equity release schemes, the answer is yes. Just be aware that certain conditions may apply and there may be fees to pay. Your Age Partnership adviser will be able to discuss these items in more detail with you.

Could I end up owing more than my home is worth?

Lifetime mortgages from an Equity Release Council member come with a ‘no negative equity guarantee’ to protect you – ensuring you never owe more than the value of your home.

Will I have to sell my home?

With a lifetime mortgage from an Equity Release Council member, you have the right to remain in your home until you die or move into permanent long-term residential care. Only then will your home be sold and the outstanding equity release loan be repaid.

Will I have to make monthly repayments?

No. Usually, equity release loans are repaid when you die or go into permanent long-term care and your home is sold. Any residual value will be available to pass on as an inheritance. Depending on your equity release plan, you may be allowed to make regular repayments of the interest on your loan.

Is equity release safe?

Yes. Equity release is regulated by the Financial Conduct Authority (FCA) – an independent regulatory body which ensures financial products are fair and meet strict standards.

What is the Equity Release Council?

The Equity Release Council (ERC/the Council), a not-for-profit organisation, is the industry body for the equity release sector. It aims to fully represent and facilitate the safe growth of the equity release market by helping to create the conditions which enable the market to develop effectively. You can find out more at equityreleasecouncil.com.

How do I get my free £25 gift voucher?

We’ll send your £25 gift voucher when you’ve arranged and attended your appointment with your Age Partnership adviser.

Important things to know

  • 90% of lifetime mortgage customers release equity within £10,000 – £100,000 or more. The amount released will depend on your age and value of your property.
  • You continue to own your house with a lifetime mortgage which is a debt secured against it. Equity release, plus accrued interest to be repaid upon death or moving into permanent long-term care.
  • All outstanding lending secured on your property must be repaid.

*A little thank you after you’ve had your adviser appointment. Please see full terms and conditions of the £25 gift here.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged and provided by Dignity Funerals Ltd which is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.