What Did Canada Life Customers Use Their Equity Release for in 2025?

This report was written by Canada Life, January 2025.

What Did Canada Life Customers Use Their Equity Release for in 2025?

Understanding the motivations behind equity release is crucial in providing the best advice. According to recent trends, the most common reasons homeowners released equity in 2025 include:

To clear an existing mortgage (33%)—Many homeowners use equity release to free themselves from mortgage repayments.

To make home improvements or adaptations (22%)— Ensuring a comfortable and accessible living space.

To support day-to-day living expenses (16%)—reflecting the financial challenges posed by rising costs.

Gifting to family members (17%)—Providing financial assistance to children or grandchildren.

Debt consolidation (21%)—Helping manage unsecured debts effectively.

Funding a holiday (16%)—Allowing homeowners to enjoy their retirement to the fullest.

Purchasing a new property (12%)—enabling downsizing or relocation.

Sadna Zaman, Proposition Development Manager at Canada Life, emphasises the importance of considering all financial options:

"While overall lending remained relatively subdued in 2025, our customers have continued to access their property wealth for a wide range of reasons. Equity release has enabled customers to meet both short-term needs and long-term outcomes. The variety of motivations highlights the flexibility and accessibility of options available, allowing homeowners to remain in their homes and enjoy retirement in a way that best suits them."

Is Equity Release Right for You?

While equity release offers numerous advantages, it’s crucial to consider the long-term implications. The decision affects inheritance, benefits, and the overall value of your estate. That’s why seeking expert advice is essential.

At My Later Life, we provide independent, FCA-regulated guidance, ensuring you make informed decisions that align with your financial goals. Our team of specialists takes the time to understand your needs, offering personalised solutions with full transparency. Director : Graham Clelland

How to Get Started

If you’re considering equity release, the process is straightforward:

Speak to an Expert—Our friendly advisors will assess your eligibility and explore available options.

Property Valuation—A professional valuation determines how much equity you can release.

Receive Your Offer—We guide you through the offer, ensuring clarity on terms and conditions.

Legal & Financial Checks—Independent legal advice ensures you’re comfortable with your decision.

Receive Your Funds—Once approved, the money is transferred to your account, ready to use as needed.

Why Choose My Later Life?
As an award-winning broker, My Later Life is dedicated to providing the highest level of service. We partner with leading lenders to find the most competitive rates, ensuring our clients get the best deals possible.

We believe in responsible lending and prioritise your financial well-being, helping you unlock the potential of your home while securing your future.

Final Thoughts
Equity release is an excellent way for homeowners to enhance their financial security while continuing to enjoy their homes. However, it’s a significant financial decision that requires careful consideration. By working with My Later Life, you can rest assured that you’re receiving expert advice tailored to your unique situation.

Ready to explore equity release? Contact My Later Life today and take the first step towards financial freedom in later life!

For more information, visit our website at www.my-laterlife.com or speak to one of our expert advisors.