Retirement Interest Only Mortgages
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Retirement interest only mortgages (RIOMs) are a type of mortgage that is designed for people who are aged 55 or over and are approaching retirement or have already retired. With RIOMs, borrowers only pay the interest on the loan, rather than the principal (the amount borrowed). This means that their monthly mortgage payments are lower than they would be with a traditional mortgage.
The principal amount of the loan is repaid when the property is sold, usually after the borrower has passed away or moved into long-term care. The sale proceeds are then used to pay off the outstanding balance of the mortgage.
RIOMs can be an attractive option for those who want to free up some cash during retirement, as the lower monthly payments can help to increase their disposable income. However, it’s important to note that the interest on the loan will continue to accrue over time, which means that the overall cost of the mortgage will be higher than with a traditional mortgage.
It’s also worth noting that not all lenders offer RIOMs, and those that do may have stricter eligibility criteria than with traditional mortgages. As with any financial product, it’s important to do your research and seek professional advice before making a decision.