RIO Retirement Interest Only Mortgage Providers
Retirement interest-only (RIO) mortgages are designed to help older homeowners to borrow in retirement, when maybe equity release isn’t the best solution for them at present.
A RIO offers homeowners an interest-only mortgage in retirement and it can be repaid when the last homeowner dies or moves into long term care – in the same way a lifetime mortgage can be repaid.
It’s important to note though that a RIO is a residential mortgage and if you cannot make your monthly interest repayments, your home could be repossessed. As with all residential mortgages, you will also have to pass the lenders affordability and credit tests, to ensure that you have the means to make your monthly repayments – both now and in the future.
To find out more about any of the specialist retirement interest-only (RIO) mortgage providers, simply click on their logo to open the individual lender’s page.
Other Later Life Lending Options
While retirement interest-only (RIO) mortgages are one option to consider when looking to borrow in later life, you may also want to look at the alternatives. These include lifetime mortgages (the most popular type of equity release plans), retirement mortgages and home reversion plans.