Retirement Advantage/Canada Life ER Plans
Their range of lifetime mortgages has all the features and benefits you should demand, and then some. You have the facility available to have a large lump sum, or to have a cash reserve facility in place to access cash, to a fixed amount, as and when you need it.
Additionally, you have the flexibility to move home, to repay the mortgage early and to have guarantees in place, such as an inheritance guarantee and a negative equity guarantee. These are the kinds of benefits that allow customers to have the peace of mind and feel that they control their life, not that it’s controlled by their mortgage.
Retirement Advantage/Canada Life can trace their history back to 1852. They started life as The Marine and General Mutual Life Assurance Society, also known as MGM Assurance. They started as life insurance for sailors during a time when water was considered a toxic element and teetotal sailors were made to pay a premium.
They’ve been in the business of providing life insurance and similar financial products for well over 150 years and have a solid reputation. In 2015, they decided to focus on providing services for customers at a retirement age and changed their name to Retirement Advantage/Canada Life without losing any of their expertise.
It’s important that you choose a mortgage provider that is stable and offers peace of mind. With nearly 200 years of expertise, you know you’re in safe hands with Retirement Advantage/Canada Life.
Actually, yes. This feature is to help cover the costs incurred when setting up the mortgage. For example, if you were to take out a lifetime mortgage that has a cash advance of £40,000, then you could expect cashback of £1000 or more.
The cashback is not going to be added to your overall loan balance. When you repay your mortgage, it will not be added to the repayment amount. The interest rate will see an increase of 0.1% to cover the monthly interest.
Some customers really appreciate the flexibility of being able to borrow money in the future. With Retirement Advantage/Canada Life you can choose to have a reserve facility that allows you withdraw cash on your lifetime mortgage.
What’s great is that no interest is charged on any revenue in the reserve, you are only to pay interest on the amount of cash you borrow and the additional interest is just 0.2% on top of your normal interest rate.
Of course. The lifetime mortgage offered by Retirement Advantage/Canada Life allows you to protect a percentage of the equity of your property that allows you to guarantee a minimum amount of inheritance.
Of course housing prices fluctuate, but in most cases, you’d be in a position to give more than your guaranteed amount to your beneficiaries. This is a free option that customers can take up.
Absolutely. For complete peace of mind, Retirement Advantage/Canada Life guarantees that when your property is sold, your beneficiaries will never be required to cover any negative equity. They will receive the inheritance of any amount that is remaining when the mortgage is paid, but not face any shortfall.
Just because you want to release some of the equity in your home, it doesn’t necessarily mean that you want to be stuck in the property until you die. You actually get that flexibility with Retirement Advantage/Canada Life, because you can transfer the mortgage to another property assuming it meets some simple criteria.
The concept of a lifetime mortgage is a long term commitment but just as flexibility is needed in changing homes or having equity available in reserve, likewise you need to be able to make repayments early. The mortgage can be repaid at any time, either in full or in part, the only limitation is that there is a minimum of £10,000 remaining.
Repayment charges vary, depending on when the repayment occurs. Currently, the repayment charges stand at:
Years 0-5: 5% of the initial advance
Years 6-8: 3% of the initial advance
Years 9+: no charge on any early repayments
As a business, the lifetime mortgage is designed to last the customer’s lifetime, and any repayment means Retirement Advantage/Canada Life will make less profit, that’s why there are fees for early repayment. However, they have made all fees completely transparent and easy to follow.
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You have the Right to Remain in your Home for as long as you choose
You will NEVER owe more than the value of your home due to the "no negative equity" guarantee.
You have the freedom to move to another property without financial penalty (subject to provider criteria)
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