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Did You Know? Every 12 minutes a homeowner over 55 in the UK unlocks ÂŁ91,667 tax-free cash.

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John Lawson
John Lawson
Last Updated: 25 Sep 2020
(Rated from 241 reviews)

The Retirement Interest-Only Mortgage Calculator

With the fluctuations in the economy and global warming becoming the most worrying issue, most people, those aged above 50 are finding it challenging to access standard mortgage loans easily. However, thanks to the equity release mortgage, you can now easily access a mortgage loan. All you need is an estate worth more than €70,000.

What’s even better is that recently the financial industry introduced the lucrative retirement interest-only mortgage3. The lifetime mortgage scheme allows older borrowers, those aged 50, 55, 60 or above the state pension age4, to borrow against the value of their residences. Unlike the other loan policies, with the RIO, you only have to pay back the interest (not the mortgage itself) every month.

The equity release plans are similar to the standard interest-only mortgage, but there are some essential differences. For instance, with the RIO plan, you only repay the loan when you sell your home when you move out permanently or pass away. However, there are those retirement interest-only mortgages that carry similar terms as the traditional mortgage, meaning you’ll have to pay the lender back when you’ve reached a particular age – 90, in most cases.

Instead of the arduous steps, you have to take when taking out the standard mortgage loan, with the RIO you only have to provide your lender with proof that you can afford the interest.

Some retirement interest-only mortgages also enable you to repay some capital as well as the interests charged – which will help in cutting down the size of your mortgage over time. So, your inheritance will remain intact, and your loved ones can enjoy some cash when you cross over to the lights.

Even with all this said and done, how can one figure out how much they can receive from the Rio plan? Well, here’s a comprehensive guide to the retirement interest-only mortgage calculator to help you figure how much you’re eligible for.

How Do You Use the Retirement Interest-Only Mortgage Calculator?

Well, if you want to figure out the amount of capital that you can get from the retirement interest-only mortgage, you can use the RIO calculator. So, when using the calculator offered, you simply have to input:

These are the criteria that most equity release companies use to determine the amount of equity you can borrow.

So, if you’re property-rich and can’t access a standard mortgage easily, then you can try the retirement interest-only mortgage scheme and make your life in retirement memorable!

Common Questions

Is a RIO Mortgage a Good Idea?
How Does a RIO Mortgage Work?
What is a RIO Mortgage?
What Are the Different Types of Equity Release Schemes?
What Can an Equity Release be Used For?
Is a RIO Mortgage Right for Me?
What’s the Retirement Interest-Only Mortgage?
How Do You Use the RIO calculator?
What Are the Benefits of the Retirement Interest-Only Mortgage?
What’s the Difference between the Interest-Only Mortgage and the Retirement Interest-Only Mortgage Plan?

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