A retirement interest only mortgage can be the ideal solution for older borrowers. Darryl Dhoffer is CeRER qualified and explains exactly how RIO mortgages work and who qualifies.
Quick answer — Who qualifies for a retirement interest only mortgage? RIO mortgages are designed for borrowers typically aged 55+ who can afford the monthly interest payments and want to access equity in their property or refinance an existing mortgage. They are particularly suitable for borrowers who would struggle to get a standard repayment mortgage due to age at the end of term. Adverse credit can be considered by specialist RIO lenders.
A Retirement Interest Only mortgage or RIO mortgage is a type of interest only mortgage specifically designed for older borrowers typically aged 55 and over. You pay only the interest each month meaning your monthly payments are lower than a repayment mortgage. The loan is repaid in full when you sell the property move permanently into long-term care or die.
Unlike standard interest only mortgages RIO mortgages have no fixed end date which makes them much more accessible for older borrowers who might not meet affordability criteria on a standard term mortgage. Darryl Dhoffer holds the CeRER qualification specifically for equity release and later life lending.
20+ years in financial services. Award-winning specialist. Featured in the Daily Express, FT Adviser, The Intermediary and Daily Mirror. I have helped hundreds of people across the UK who were told no by their bank — and I work with 65+ lenders including specialist adverse credit lenders you will not find on comparison sites.
When you contact me, you speak to me directly. No call centres. No being passed around. I personally review every case and respond within 2 hours.
No credit search. No obligation. Darryl personally reviews every enquiry and responds within 2 hours.
Lender criteria, rates and deposit requirements quoted on this page are indicative and subject to change without notice. Individual circumstances vary. This page provides general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.