RIO Mortgage Calculator (Oct 2021)

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Try Our Retirement Interest-Only Mortgage Calculator for Oct 2021

If you don’t explore all your options, you could miss out on the perfect retirement option to suit your needs.

While equity release is a great option, an RIO is one to consider.

So, your best bet is to use our calculator and see how much equity you could unlock with this fantastic product.

We’ll help you discover:

• How to use a retirement interest-only mortgage calculator.
• How retirement interest-only mortgages work.
• How RIO’s differ from lifetime or equity release mortgages.

At SovereignBoss, we’re proud of bringing the latest news in the retirement mortgage industry. This includes creating this RIO mortgage calculator for Oct 2021. 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 the value of your property 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 maximum amount of equity that you could be eligible to unlock.

How Do Retirement Interest-Only Mortgages Work?

With an RIO, you’ll borrow cash in exchange for monthly repayments until you pass away or move into long-term care. They are similar to interest-only lifetime mortgages.

The final retirement interest-only mortgage sum is then repaid when you pass away or move into long-term care. So, you won’t have to worry about the loan amount in your lifetime.

Unlike with equity release products, you will have to undergo an affordability check¹ with an RIO, to ensure you have the means to make your monthly interest repayments.

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. The interest rates are lower than with equity release, therefore making them an attractive alternative.

However, if you don’t have a regular income, an equity release might be a better bet to suit your needs.

How Are RIO Mortgages Different From Lifetime Equity Release Mortgages?

Both RIO’s and lifetime mortgages are loans against the value of your estate. However, with an equity release, you’re under no obligation to make any repayments. The interest compounds² and is added to the final loan amount. Payments can be made voluntarily.

On the other hand, the RIO’s interest is repaid monthly. Only the estate value is paid from the sale of your home when you die or move into long-term care.

Therefore, with an RIO, you’re likely to leave your family with a larger inheritance than they would receive with a lifetime mortgage.

Pros & Cons of Retirement Interest-Only Mortgages in Oct 2021

While RIO’s are worth considering to supplement your retirement income, like with all financial products, it’s vital to consider the benefits and disadvantages.

Luckily, we’re here to be your guide!

Wondering what the 7 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 an equity release mortgage.

3 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.

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.

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. 

Got Questions? Check These First

How Much Can You Borrow with the RIO Mortgage Calculator?

How Do You Use the RIO Mortgage Calculator?

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 Oct 2021.

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

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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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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 & 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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Equity Release Calculator

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