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Retirement Interest-Only Mortgages (RIO)

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Securing a mortgage later in life can be challenging, but retirement interest-only (RIO) mortgages offer a practical solution for older homeowners.

What is a Retirement Interest-Only Mortgage?

RIO mortgages are designed for people aged 55 and over, allowing them to pay just the interest each month while the loan balance remains unchanged. The capital is repaid when the borrower passes away, moves into long-term care, or sells the property. Some RIOs have fixed terms, requiring repayment at a certain age or after a set period.

Unlike traditional mortgages, RIOs have more flexible affordability requirements. Borrowers only need to demonstrate they can manage the monthly interest payments.

Who Should Consider a Retirement Interest-Only Mortgage?

These mortgages are ideal for those aged 55 or older, particularly retirees with a stable income from pensions or other guaranteed sources. RIOs offer lower monthly payments compared to standard repayment mortgages, making them an attractive option for those with a fixed retirement income.

Can You Switch to a RIO Mortgage?

Yes, switching from a traditional repayment or interest-only mortgage to a RIO is possible. However, it’s important to seek professional advice to understand any fees or new affordability checks that may apply. A financial expert can help you determine if this switch makes sense for your situation and if it will save you money in the long term.

  • You must be at least 55 years old.
  • Your property must be in England, Wales, or mainland Scotland.
  • You need to afford the interest payments each month.
  • Your property should be worth at least £100,000.
  • You must have a secure income, such as a pension.

What my customers say about working with me

“We have been absolutely delighted with the way in which Kevin has helped us once again with equity release. He is always so professional, helpful, kind and patient. He made sure we understood everything thoroughly the whole process. Our children even joined us on one of our Zoom meetings and they were equally impressed! He is such a gentleman and puts you totally at ease. We would happily recommend Kevin to anyone who is looking to take out equity release .”

Mr and Mrs T

What my customers say about working with me

“We have been absolutely delighted with the way in which Kevin has helped us once again with equity release. He is always so professional, helpful, kind and patient. He made sure we understood everything thoroughly the whole process. Our children even joined us on one of our Zoom meetings and they were equally impressed! He is such a gentleman and puts you totally at ease. We would happily recommend Kevin to anyone who is looking to take out equity release .”

Mr and Mrs T

Why not get in touch and see how we can help?

Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back

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Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,295 is only payable on completion of a plan.

A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.

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Phone: 01489 45 45 45
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Smart Choice Equity Release is a trading style of One Stop 4 Equity Release Limited and operates under One Stop 4 Equity Release Limited’s Privacy, Vulnerable Consumer, and Complaints policies. These policies can be found here: Privacy Policy | Complaints Procedure | Vulnerable Consumer Policy

Calls may be recorded for training and compliance purposes.

Under no circumstances should any of the information contained in this website be construed as advice, you should seek professional advice in respect to your specific circumstances.

Equity Release (Lifetime Mortgage) is a loan secured against your home. To understand the features and risks of equity release, please ask for a personalised illustration. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total amount you repay. The actual interest rate and fees charged will depend upon your circumstances.

Unless you decide to go ahead, our service is at our cost. Only if your case completes would our advice fee of £1295 be payable. Other lender & solicitor fees may apply.

As a whole-of-market firm, we continue to offer a comprehensive range of equity release (lifetime mortgages) products from across the market. However, for Retirement Interest-Only (RIO) Mortgages, Term Interest-Only (TIO) Mortgages, and Fixed Rate Later Life Mortgages, we have chosen to work exclusively with LiveMore Mortgages. This means that while we consider all available equity release and later life lending options across multiple providers, for these specific products, we will only recommend solutions from LiveMore Mortgages.

If you proceed with a mortgage that requires payments to be made, your home maybe repossessed if you do not keep up repayments on your mortgage.

Smart Choice Equity Release is a trading style of One Stop 4 Equity Release Limited. One Stop 4 Equity Release Limited are committed to providing our clients with expert later life financial advice tailored to their individual needs.

One Stop 4 Equity Release Limited is authorised and regulated by the Financial Conduct Authority under No: 952887. One Stop 4 Equity Release Limited is a registered company in England and Wales, registration No: 13452621. Registered address: 30 North Street, Bourne, PE10 9AB.

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