Retirement Interest Only Mortgages
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What is a Retirement Interest Only Mortgage?
To take out a retirement interest only mortgage loan, it’s worthwhile getting expert advice.
How do RIO Mortgages work?
Typically then, your house will be sold and the RIO mortgage provider will take their money from the sale proceeds. The remainder goes to your estate.
Why choose a Retirement Interest Only mortgage?
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What is the difference between a RIO mortgage & a Lifetime Mortgage?
Also known as equity release mortgages, like RIO mortgages they are only available to over-55s, and the loan is fully paid off when the last person living in the property dies, sells the home or goes into care.
The main difference is that RIO mortgages require borrowers to pass affordability checks and commit to making regular payments for life. With an equity release plan there are no such checks required.
For advice on your options complete our enquiry form or: