Retirement Interest Only Mortgages

A retirement interest only mortgage (RIO) is a mortgage that lets you pay the interest on a monthly basis, without reducing the original amount (capital) you have borrowed. It is only available to people who are both over the age of 55 and in retirement.

To take out a retirement interest only mortgage loan, it’s worthwhile getting expert advice.

Retirement interest only mortgages, or RIOs, can be used for almost any purpose. Depending on the RIO provider, the loan is repaid when the plan comes to an end when you (and any other applicant) either pass away or move into long-term care.

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.

If you thought you were too old for a mortgage or you can’t find a conventional mortgage to meet your needs, then the good news is that a RIO mortgage might be the right solution for you to help take the stress out of later life borrowing.

For further information complete our enquiry form or:

Call us on 0117 980 7743 

A lifetime mortgage is a loan secured against your house that allow you to release some of the equity you have built up.

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:

Call us on 0117 980 7743