Hodge Lifetime has been a trusted provider of retirement products since its inception in 1965 and in 1991 were a founder member of the trade body - SHIP (Safe Home Income Plans), now known as the Equity Release Council. Hodge is most well-known for balancing solid products with social responsibility, intentionally fostering a strong connection with charity and social causes.
One area Hodge have recently been focusing on is the bridge required between retirement mortgages and equity release. They have been a leading innovator in this expanding pre and post-retirement mortgage industry and one of the first to offer a mortgage specifically designed for homeowners nearing, or in retirement.
The Hodge Lifetime 55+ RIO mortgage was launched to provide an interest-only mortgage available to borrowers who are 55 years old and over. The RIO mortgage was designed to allow homeowners to take their borrowing into retirement where many mainstream lenders won’t. Hodge Lifetime are one of the first advocates of the Retirement Interest Only Mortgage (RIO) and later life lending in general.
RIO mortgages help borrowers make monthly interest-only payments on a loan which runs over their lifetime and only requires repayment upon death or them moving into care. Therefore, the repayment vehicle permitted under RIO mortgages is the sale of the property itself.