Question 1

What is a retirement interest-only mortgage?

Accepted Answer

A retirement interest-only mortgage allows older homeowners to borrow against their property while making monthly interest payments, with the loan typically repaid later in life.

Question 2

Do I need to make monthly payments on a RIO mortgage?

Accepted Answer

Yes. RIO mortgages require regular monthly interest payments, which must be affordable over the long term.

Question 3

Are RIO mortgages regulated in the UK?

Accepted Answer

Yes. Retirement interest-only mortgages are regulated, and advice from an FCA-regulated adviser is required before proceeding.

Question 4

How is a RIO mortgage repaid?

Accepted Answer

The mortgage is usually repaid when the homeowner passes away, moves into long-term care, or sells the property.

Question 5

Is a RIO mortgage an alternative to equity release?

Accepted Answer

For some homeowners, a RIO mortgage may be an alternative to equity release. For others, different later-life options may be more suitable depending on circumstances.

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