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Retirement interest-only mortgages (RIO)

Getting a mortgage later in life can often be difficult, but it doesn't need to be. Which is why we are able to help those over 55 obtain a mortgage which suits their needs and circumstances.

What exactly is a retirement interest-only mortgage?

A retirement interest-only mortgage or RIO is similar to a conventional interest-only mortgage where you are only required to maintain the interest payments on the loan on a monthly basis. As long as the payments are maintained the balance will remain the same.

With most RIO mortgages, you are only required to repay the loan if you sell your property, move into long term care or die. Although some retirement interest-only mortgages carry a fixed term like with regular mortgages, meaning the loan must be repaid when you reach a certain age or after a set number of years.

RIOs have been specifically designed for people who are age of 55 and over.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What you need to know about RIO Mortgages

Advantages and disadvantages of a retirement interest-only mortgage
compared to a Lifetime Mortgage