Retirement Interest Only

R. I. O. Mortgages

Are you approaching retirement and need ways to control your finances while staying in your house? The Retired Interest Only Mortgage (RIO) could be the accurate option that allows you to have financial flexibility without having to make you downsize or even sell. The Mortgage Information Centre the Mortgage Information Centre, located in Hamilton and serving the west of Scotland We’re here to assist you with the RIO process and to find an choice that meets your specific requirements.

What is a Retirement Interest-Only Mortgage?

A Retirement Interest-Only mortgage has been specially designed for those who are 55 or over, and offers an opportunity to pay only an interest rate on the mortgage every month, instead of both the capital and interest. The mortgage typically is paid in full once the property is sold, whether upon moving or when the borrower dies.

Benefits of a RIO Mortgage

• Stay in your home: A RIO mortgage offers the flexibility to finance your needs, allowing you to remain at home and control your expenses on a monthly basis without feeling under pressure to sell or downsize your home.
• lower monthly payments In addition to paying interest, an RIO mortgage will significantly cut monthly expenditures as compared with traditional mortgages, allowing you to free up money to be used for other purposes.
• No Fixed Time: Unlike traditional mortgages and other types of mortgages, a RIO mortgage does not have an agreed-upon repayment period. Instead, it’s paid at the time that it’s sold. giving peace of peace of mind as well as financial security.

How We Can Help

1. 1. Analyze your situation: Our brokers will begin by looking at your financial situation including the current state of your mortgage income and retirement plans, to determine the ways in which a RIO mortgage could be beneficial to you.
   2. Find Mortgage Opportunities: We’ll guide you through the various RIO loans, and explain the terms, rates of interest and obligations for repayment in order to benefit you make a well-informed choice.
   3. Request a mortgage: Once you’ve chosen a mortgage option we’ll aid you with the application, making sure that all the necessary documents are completed and will guide you to the final approval.
   4. Future planning: Beyond securing a mortgage, we’ll give you tips on managing your financial position moving forward, assisting you to plan to the next stage and get sure you get the accurate out of retirement.

Let’s Get Started!

A RIO mortgage could serve the financial flexibility you need during retirement. The Mortgage Information Centre is here to assist you in every phase of this process. Contact us today to set up a an appointment and discuss what a RIO mortgage can benefit you meet your retirement plans.