Canada Life has added two new products to its selection of life mortgage loans, the Lifestyle Select Ultra Lite and the Lifestyle Select Super Lite.
On top of that, it made its Lifestyle Select Gold Plus available to borrowers aged 55 to 59 and lowered rates across its range.
Ultra Vie Select Lifestyle – standard and flexible – has an annual equivalent interest rate (APR) of 2.68% and a monthly equivalent rate (MER) of 2.65%.
The Lifestyle Select Super Lite, also available as standard and flexible, has an AER of 2.72% and MER of 2.69%.
For the Lifestyle Select Gold Plus for borrowers aged 55 to 59, the available LTV starts at 21% at the lower age and increases by 1 percentage point sequentially until the age of 59, which is fixed at 25%.
Alice Watson, Chief Marketing Officer of Canada Life Insurance, said: “Our award-winning portfolio of mortgage finance products has become more flexible and attractive today with the launch of two new Lifestyle Select options.
“Expanding our LTVs to cover people aged 55 to 59 will also allow us to offer options to younger clients who wish to access their equity to increase their retirement income or perhaps make the necessary improvements. at their house or their garden.
“As with all of our life mortgages, this product line allows people to continue living in their homes, while freeing up the money locked in their property. Potential unlocked capital can help with retirement plans, pay for home improvements, or even help finance lifestyles. “