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