In short – no. The Sunrise Lifetime Mortgage (and most other lifetime mortgages on the market) have what’s called a ‘no negative equity’ guarantee. This means that even if your amount owed exceeds the value of your home, any outstanding balance will be written off once your home is sold and the proceeds paid to your plan provider.

However, a lifetime mortgage may result in limited or no property equity remaining, and will reduce your financial options in the future.

If you want to ensure your amount owed does not reach the full value of your home, you can choose to make regular or ad-hoc repayments. This helps to slow the rate at which compound interest builds.

With a home reversion plan (not offered by SunLife), you sell a percentage of your home. As this is a sale not a loan, there is no interest due. The amount owed will be a fixed percentage of whatever your home eventually sells for.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

If you and any joint owners of your property are over 55, and your home is worth over £99,000, you could be eligible for a Sunrise Lifetime Mortgage. Try our eligibility checker or give us a call to check your eligibility.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

Equity release generally takes around two to three months for an application to be completed and the funds processed. But timings will vary for each case and at each stage, as there are a lot of variables that can influence the process.

Applying for equity release isn’t a rushed process. There’s lots of advice and support along the way to make sure it’s right for you.

1. Check you're eligible for equity release

   You can check your eligibility online, or by calling the SunLife Equity Release Service on 0800 633 55 66. If you call, you’ll be asked a few short questions to determine your eligibility. If you’re eligible and you’d like to know more, the team can put you through to an expert adviser for free.

2. Speak to your loved ones

   Releasing equity is a big decision, and will impact your financial options in future, so it's good to discuss it with those closest to you. You should note any questions or concerns they have so you can raise them with your adviser. You may even decide to invite loved ones along to your advice session.

   Equity release will also affect the amount of inheritance you can leave from the value of your home, so it's important that your children or other potential beneficiaries understand what it could mean for them.

3. Talk it through with your adviser

   You’ll discuss your circumstances, the options available and whether equity release is the right option for you. You can talk to your adviser as many times as you need. Depending on what product might be right for you, they will be able to let you know if there are any fees which apply.

4. Complete your application

   Your adviser will recommend the best plan for you and send you all the information. If you decide to go ahead, you’ll need to complete an application. Your adviser can help with this.

5. Get independent legal advice

   You’ll need to speak with a solicitor once you’ve returned your application. Your adviser can suggest suitable solicitors if you’d like them to.

6. Receive your money

   You’ll usually receive your cash lump sum or first instalment within 6–8 weeks of returning your application. But it could be sooner or longer – there’s no guaranteed timescale.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

How much you can release depends on your specific circumstances. Your house value and your age will affect how much you could release, but usually it’s around 20-60% of the value of your home.

Use our free calculator to see how much you could release.

See how much you could release  

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

Once any existing mortgage has been repaid, you are free to use released equity however you like.

Popular choices include home renovations and improvements, holidays or travel, cash gifts to loved ones, or just providing a boost to retirement funds.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

Not unless you want to. If you release equity with a Sunrise Lifetime Mortgage, or from an Equity Release Council member, you have the right to remain in your home until you die or move into permanent care. Only then will your home be sold and the outstanding equity release loan be repaid.

If you do decide to move, you can usually take your plan with you to another suitable property – check with your lender for full details.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

Not necessarily. Usually, equity release loans are repaid when you die or go into permanent care and your home is sold. Any equity value left over can be passed on as an inheritance.

There are equity release products that come with the option of making regular payments to help reduce the total cost of borrowing. Even if you’re only able to make small repayments, it’ll help reduce the amount of interest you pay over the lifetime of your loan.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66

How you can repay the equity you’ve borrowed early will depend on your plan provider. There are often early repayment fees, so it’s best to check with your provider and equity release adviser before making any decisions.

Selling your home after equity release

With many schemes, you can still move home once you've released equity. Just be aware that certain conditions may apply and there may be fees to pay. Your adviser can discuss this with you in more detail.

If you're thinking about releasing equity and want to know more about what happens afterwards, it's best to speak to an expert adviser. Different plans and providers vary in how they approach the sale of your home and early repayments (if you want to make them). An adviser can take you through the plans that are best suited to you.

To find out more, call the SunLife Equity Release Service on 0800 633 55 66