RIO's (& over 50's Mortgages)

Over 55's Residential Mortgages (and now some over 50's mortgages) are interest only mortgages available to borrowers aged 55 or over.

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If you wish to repay the mortgage during your lifetime then this type allows you to specify the fixed term of the mortgage.

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If you do not wish to specify a term, the Retirement Interest Only (RIO) Mortgage allows you to repay the mortgage from the sale of your property when entering into long term care or upon death.

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You’ll have to pay the interest on the loan each month, and the amount you can borrow will be based on your level of income and outgoings.

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If you wish to have a fixed term mortgage you can set the term over which you’ll borrow the money according to your needs and your situation.

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If you are considering an Equity Release Lifetime mortgage, there are many things that you will need to consider and to understand.

 

For a no obligation conversation with an Equity Release Adviser: