Retirement Interest Only Mortgage Calculator (Jan 2022)
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How Much Cash Can You Release With a Retirement Interest Only Mortgage?
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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.
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?
The amount you can borrow with an RIO calculator depends on how old you are and what your property is valued at.
How Do You Use the RIO Mortgage Calculator?
You use an RIO calculator by taking 8 seconds to enter a few small details. Your results will be sent via email.
Can You Switch to a Retirement Interest-Only Mortgage?
You can switch your retirement interest-only mortgage plan. However, you will need to go through a new affordability check. Therefore, if you have less money than with your previous application, you might end up getting a worse deal.
How Will a Retirement Interest-Only Mortgage Lender Calculate the Amount I Can Borrow?
Your retirement interest-only lifetime mortgage lender will consider your age as a factor, what your property is worth, the condition of your property, and affordability checks, to determine how much equity you can borrow.
Why Might I Need a Mortgage When I'm Older?
You might need a retirement interest-only when you are older to supplement pension income, assist family members in purchasing a home, or remortgage away from your existing mortgage.
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.
How Much Can You Release?
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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.