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RIO mortgages are designed for older borrowers who may not be eligible for a traditional mortgage. Hodge has led the charge on RIO since day one and launched one of the UK’s first RIO mortgages in 2018 as well as the first ever Fixed-for-Life RIO. But what exactly is a RIO mortgage and is it right for you?
Retirement Interest Only (RIO) mortgages were created for mature borrowers who want to use the value in their home to plan for retirement.
With a Hodge RIO mortgage, you can borrow up to 70% of the value of your home and only need to pay back the interest each month. This allows you to unlock value in your home to do things like pay off debts, support family members, fund your lifestyle, make home improvements or even go on a dream holiday.
Unlike other mortgages, you won’t repay the loan until you move into long-term care or pass away.
Our RIO mortgage range is flexible. It might suit you for a variety of reasons, even if you’d ruled out similar options in the past.
Borrowing money tends to become trickier as you approach retirement and beyond. With a RIO, we look at a wide range of affordability criteria which allows us to be more accommodating than traditional mortgage providers.
You’re free to do almost anything you wish with the money you borrow. To date Hodge RIO mortgage customers have helped family members get on the property ladder, improved their own homes and consolidated other debts.
We understand the importance of making an informed decision so that customers are always choosing the best option for them. That’s why the only way our customers can access any of our mortgage products is via a financial adviser or broker.
If you’re an adviser and would like to work with us, or recommend one of our products to your customers, visit our intermediary site for more information.