Retirement Interest Only Mortgage Calculator (Jan 2022)
- CALCULATE - see how much tax-free cash you can unlock from your home.
- SAVE - releasing equity can have a MASSIVE tax saving.
- GUARANTEE - you’ll never owe more than your home’s value.
- FAST - easy & secure. It takes 8 seconds.
- FREE - no obligation consultation.
⏱️ Get results in just 8 seconds.
How Much Cash Can You Release With a Retirement Interest Only Mortgage?
Discover the RIO Mortgage Calculator That You MUST Know About. Learn More Now…
Before You Start Reading....
Let's See How Much You Can Release Below 👇
It's VERY FAST, takes just 8 seconds
If you don’t explore all your options, you could miss out on the perfect retirement financial solution to suit your needs.
An RIO is one to consider.
So, your best bet is to use our calculator and see the amount of cash you could access with this fantastic product.
Now’s the time to discover:
• The secret to using a retirement interest-only mortgage calculator.
• How retirement interest-only mortgages work.
• The pros and cons of RIOs.
At SovereignBoss, we’re proud of bringing the latest news in the retirement mortgage industry, including our accurate RIO mortgage calculator for Jan 2022. Find out more right now!
How to Use the Retirement Interest-Only Mortgage Calculator
Our retirement interest-only mortgage calculator takes just 8 seconds to use. All you need to do is provide an approximate property value and fill in your details. Your quote will then be sent to your email.
The process is that simple.
The calculator will provide you with the highest sum of equity that you could unlock through an RIO.
How Do Retirement Interest-Only Mortgages Work?
A retirement interest-only mortgage works by the homeowner borrowing cash in exchange for monthly repayments until their death or relocation to a long-term care facility. They are similar to interest-only lifetime mortgages. What’s left is repaid when you pass away or move into long-term care.
Discover more: What’s a Retirement Interest-Only Mortgage & How Does It Work?
Who Can Get a Retirement Interest-Only Mortgage?
To qualify for a retirement interest-only mortgage, you’ll generally need to be 55 or older. However, some lenders’ rules differ, and others may have an age limit. If you’ve got a secure retirement income source, but need additional equity, then an RIO might be ideal for you. Interest rates are lower than with other retirement mortgage options.
How Are RIO Mortgages Different From Lifetime Mortgages?
RIOs and lifetime mortgages are different in that with a lifetime, you’re under no obligation to make any repayments, but you can risk foreclosure if you don’t cover monthly payments on an RIO.
Learn more: What’s an Interest-Only Lifetime Mortgage?
What are the Pros & Cons of Retirement Interest-Only Mortgages in Jan 2022?
The biggest pro of a retirement interest-only mortgage is that you’ll leave a larger inheritance as you pay off the interest. The biggest con of an RIO is that you can risk foreclosure if you can no longer afford the monthly interest payments.
Wondering what the 8 pros and cons of retirement interest-only mortgages are? Look no further:
4 Benefits of RIO’s
- Interest rates are low.
- You can avoid downsizing.³
- You’ll have income for a financially stress-free retirement.
- You’ll leave larger inheritance than you would with other retirement mortgage products
4 Disadvantages of RIO’s
- You’ll need to go through an affordability check.
- You’ll have to commit to monthly interest repayments for the rest of your life.
- The amount you can borrow is based on your earnings, which may be limited in your retirement.
- You can risk repossession if you’re unable to keep up with the monthly interest repayments.
The best thing you can do is weigh out these pros and cons with an independent financial adviser who’ll guide you towards the best retirement solution for you and your family.
Interesting Read: 15 Most Common Equity Release Uses in Jan 2022
Your Questions Answered
What Amount Can You Borrow with the RIO Mortgage Calculator?
How Do You Use the RIO Mortgage Calculator?
Can You Switch to a Retirement Interest-Only Mortgage?
How Will a Retirement Interest-Only Mortgage Lender Calculate the Amount I Can Borrow?
Why Might I Need a Mortgage When I'm Older?
In Conclusion
Retirement interest-only mortgages are one of the most competitive later-life lending options if you have the means to pay off the interest. Therefore, it’s worth trying out our RIO calculator to see how much equity could be tied to your property in Jan 2022.
Once you have your estimate sent via email, you should get in touch with a whole-market financial adviser to discuss all your options.
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.
Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
How Much Can You Release?
Use the FREE Calculator Below 👇
It's VERY FAST, takes just 8 seconds
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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.
Use our free equity release calculator & see how much you can release today.
