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Getting the right equity release advice

Equity release is a big decision and may not be for everyone. Through the SunLife Over 55 Equity Release Service, you’ll get the advice you need from independent equity release advisers to answer any questions you might have.

What is equity release?

‘Equity’ is the difference between how much your home is worth and how much you still owe on your mortgage (or other debt secured on your home). You can ‘release’ a portion of this equity as a tax-free cash sum to boost your retirement income.

The most popular kind of equity release is called a lifetime mortgage. With a lifetime mortgage, you don’t need to make any monthly repayments on the equity you borrow. The full loan, along with interest built up, is paid off after you die or move into care – all funded by the sale of your home.

couple talking with an independent expert adviser

Who is equity release for?

More and more people choose to use a lifetime mortgage to spend on things like dream holidays or home and garden improvements for a richer retirement.

To be eligible, you’ll need to be 55 or over and own a home worth at least £70,000. There are other factors and criteria you’ll need to think carefully about so it’s important to make sure that you get expert lifetime mortgage advice before making any big decisions.

Can I stay in my home?

Absolutely. With a lifetime mortgage, you still own your home. You can even move to a new house if you like and take your lifetime mortgage with you if your lender agrees to it, though it can prove more expensive to downsize with a lifetime mortgage so make sure you consider this when taking out a plan. (There’s also something called ‘home reversion’, where you sell part of your home in exchange for cash, but this type of equity release isn’t nearly as popular.)

Is equity release a good idea?

A simple question. But the answer is different for everyone. It really depends on your personal situation.

You can get a good idea about how much tax-free cash you could unlock using our equity release calculator. But in terms of knowing what’s best for you, you need to speak to the experts. That’s why, if you’re interested in equity release at all, we’ll put you in touch with independent expert advisers through SunLife’s Over 55 Equity Release Service to make sure you’re completely happy with what’s involved before moving forward.

Talk to an independent expert adviser. Call us today on 0800 633 5566 to get the ball rolling.

Is equity release safe?

What is the no negative equity guarantee?

With a lifetime mortgage, interest is charged on the money you release and paid off along with the loan when you die or move into care.

The no negative equity guarantee ensures that you’ll never owe more than the value of your home. In other words, even if the value of your home dips and selling it wouldn’t be enough to pay off the loan plus interest, your lifetime mortgage provider would foot the bill so your loved ones don’t have to.

Because our preferred partner, Age Partnership, is a member of the Equity Release Council, the lifetime mortgage products they recommend will be protected by the no negative equity guarantee.

Regulated by the Financial Conduct Authority

Equity release has been fully regulated since 2004 by the Financial Conduct Authority (FCA) – an independent body that holds financial services providers to strict standards and regulations – providing peace of mind for equity release customers.

Still not sure? Find out more about the pros and cons of equity release.

happy couple looking at a laptop together

Where can I get equity release advice?

We can put you in touch with an adviser from our preferred partner, who can help you with all the answers you need.

But we also like to stress the importance to talking things over with family and loved ones before making any big financial decisions. Taking out a lifetime mortgage is likely to affect them too by reducing their inheritance.

Loved ones are so important in these decisions that we’d encourage you to involve a family member in discussions with your adviser.

Call us today on 0800 633 5566 to see whether you’re eligible for equity release. We’ll put you in touch with an independent expert adviser through SunLife’s Over 55 Equity Release Service, who’ll answer your questions before you take any next steps.

For more information about taking out an equity release lifetime mortgage, visit our Equity Release Service page or read our guide to equity release.

mature couple shaking hands with an independent expert adviser

Whenever you’re ready, we’re here for you

For more information and to check your eligibility, call The SunLife Over 55 Equity Release Service today on 0800 633 5566 or request a call back.

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). Dignity Funerals is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

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?

Dignity Funerals Ltd arranges and provides the funeral services. Dignity Funerals is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Funerals Ltd 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.