Retirement Interest-Only Mortgages (RIO)

Understanding Retirement Interest-Only Mortgages

A Retirement Interest-Only Mortgage (RIO) is designed for homeowners typically aged 55 and over, allowing you to borrow money while keeping monthly payments low. With a RIO, you only pay the interest each month, meaning your balance doesn’t decrease but remains manageable throughout the life of the loan.

How Does It Work?

Unlike traditional mortgages, a RIO doesn’t have a fixed end date. Instead, it continues until a trigger event occurs, such as your passing or moving into long-term care. At that point, the property is sold and the loan repaid.

Benefits of a Retirement Interest-Only Mortgage:

Lower Monthly Payments

Only interest is repaid each month – no capital repayments.

No Fixed Term

The mortgage runs until a life event requires repayment.

Eligibility for Over-55s

Perfect for retirees with equity but limited income.

Flexible Use of Funds

Use the released equity for retirement income, home improvements, or to help family members financially.

When is a RIO Right for You?

It’s a practical way to maintain financial flexibility in later life while continuing to live in your home. A RIO can be an attractive choice for those who:

What do our clients think?

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I was recommended the services of FPM Advice Centre nearly two decades ago. Mark offers an outstanding, personal service – nothing is too much trouble, his knowledge, advice and guidance on both my mortgage and pension has been stress free and reassuring. I wouldn’t hesitate to recommend FPM Advice Centre to anyone looking for financial advice.

Thanks once again Mark for sorting out our Mortgage. This is better than we expected. I know I can trust your advice and professional manner.

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Take the Next Step Today

Find out how a Retirement Interest-Only Mortgages (RIO) could work for you today.