Live More RIO Mortgage Over 75

Are You Considering the RIO Mortgage Over 75 Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Live More RIO Mortgage Over 75 Review

RIO Mortgage Over 75 Key Details

Type Rate APR
Live More Fixed 4.9% 4.91%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Maximum LTV – 75%
  • Lifetime Fixed Interest Only Mortgage
  • 10%pa Overpayment Allowance
  • Free Remortgage Legal Package
Live More RIO Mortgage Over 75

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Live More RIO Mortgage Over 75, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Live More RIO Mortgage Over 75 be the right equity release plan for you?
We’re here to help you:
Live More is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Live More?
Let’s find out!

What's Equity Release?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

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Most popular reasons for releasing equity

Who Are Live More?

A little bit about them.
Learn a bit more about them here.

Scheme Background

LiveMore Capital

Live life to the fullest with LiveMore Capital and enjoy interest only mortgages for over 55’s. LiveMore’s refreshingly different approach & positive view of older borrowers helps in situations where other lenders can’t or won’t.

Because, unlike most high street lenders LiveMore Capital looks beyond age taking all income sources of borrowers into account. Thus enabling over 55’s to unlock new interest only mortgage opportunities.

LiveMore Capital also specialises in a range of RIO mortgages for over 55’s. These offer sensible affordability criteria, for sensible borrowers, with sensible needs.

LiveMore believes the older generation deserves better – and they’re providing it with no age restrictions and the widest range of fixed rates to choose from.

Eligibility & Requirements

LiveMore’s RIO mortgages are particularly intended for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

The LiveMore RIO can be used as a remortgage vehicle or to help with the purchase of a home.

The minimum application age for these RIO plans is 55, and they are offered on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.

LiveMore takes a practical, yet reasonable, approach to retirement financing. They will determine affordability based on income levels, and in the event of joint earnings, they will guarantee that if one partner dies, the survivor can still manage on their own income.

The lowest loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to confirm qualification and receive your unique price for RIO mortgage applications above £1.25m.

LiveMore will evaluate multiple types of income when determining affordability.

Minimum Property Valuation

The minimum property valuation for a RIO mortgage with LiveMore is £100,000 (ex-local authority apartments £200,000.

Property Location Requirements

The primary residence of the homeowner and is located in England or Wales. There is no upper limit on the value of a property.

Single vs Joint

The minimum application age for these RIO plans is 55, and they are offered on a single or joint life basis. At the time of application, there is no upper age limit for LiveMore.

LiveMore takes a practical, yet reasonable, approach to retirement financing. They will determine affordability based on income levels, and in the event of joint earnings, they will guarantee that if one partner dies, the survivor can still manage on their own income.

Minimum Release

The lowest loan amount on this Retirement Interest Only Mortgage is £10,000, with a maximum loan amount of £1.25 million. Please call the Equity Release Supermarket team on Freephone 0800 802 1051 to confirm qualification and receive your unique price for RIO mortgage applications above £1.25m.

Scheme Features

A retirement interest only mortgage (RIO) gives an initial cash lump payment that can be used for either capital raising or property purchasing. In exchange, the borrower pays monthly interest-only payments to LiveMore, ensuring that the mortgage balance remains constant during its tenure.

The RIO mortgage has no maximum term and will persist as long as the last living homeowner lives. There is no requirement for a repayment strategy, such as an endowment policy, an investment product, or the need to make any capital repayments.

LiveMore offers a variety of solutions that differ in terms of loan-to-value (LTV) and length of fixed interest rate given. LTVs might range from 60 percent to a maximum of 75 percent. The interest rate offered will be determined by a mix of this and the length of the fixed rate term.

A full suite of fixed interest rates is offered, ranging from shorter 5 and 7 year fixed rates to longer 10, 20, and even lifetime fixed interest rates.

Valuation Features

Live More RIO Mortgage provides free valuation.

Early Repayment Feature

Early repayment costs (ERCs) are calculated over a period of years based on the duration of the fixed interest rate term chosen.

Equity Release Council Status

Because LiveMore is not a member of the Equity Release Council, their programs do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.

Joint Application Features

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This implies that if the homeowner does not keep up with payments, their house may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will continue to be held in the survivor’s name.

Scheme Options

This LiveMore RIO Mortgage allows any homeowner to spend their tax-free income as they see fit, but unlike roll-up equity release plans, RIOs allow you to manage the future balance by making monthly interest-only payments.

LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.

On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without penalty.

LiveMore may provide additional loan options, but availability and approval are not guaranteed. The available amount is closely connected to the homeowner’s capacity to finance the loan amount and will thus go through the same affordability verification process.

If you find yourself in financial trouble owing to an unforeseen change in circumstances, a 6-month payment holiday may be considered upon request.

If you need to redeem the loan sooner than planned owing to the loss of a spouse or the placement of a loved one in long-term care, LiveMore will not charge you an early repayment penalty.

Within its product line, all LiveMore RIO mortgages provide fixed term interest rates. However, they are subject to change; thus, for the most up-to-date interest rates, call the Equity Release Supermarket team at Freephone 0800 802 1051.

Repayment Options

On this RIO mortgage, voluntary overpayments of up to 10% per year are authorized without penalty.

LiveMore may provide additional borrowing options, but availability and approval are not guaranteed. The available amount is closely tied to the homeowner’s ability to finance the loan amount and will thus go through the same affordability verification process.

Inheritance Protection

Live More Life Plan updates are still in the works. We will give an update soon.

Application Fees

LiveMore will accept applications for retiree home purchases, remortgage business, and unencumbered properties.

Cashback Options

Live More Life Plan updates are still in the works. We will give an update soon.

Footnotes

*the above interest rate is a 20-year fixed rate
**the minimum age for this program is 71 years
***free legals are only available for remortgages

Editor’s Rating: 4.85

Live More's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Live More.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

See how much you can release today!

How Much Can You Release?

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Financial Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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