FAST RIO MORTGAGE CALCULATOR • EveryInvestor – EveryInvestor

June 10, 2022 By admin

Equity Release Concepts
Later Life Mortgages
Calculators & Quotes
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Equity Release Concepts
Later Life Mortgages
Calculators & Quotes
Top Brands
Do you want to boost your retirement income but don’t know where to begin?
Why not opt for a retirement interest-only mortgage (RIO)? 
With an RIO, you can access tax-free cash locked up in your home and only pay fixed interest installments monthly with no repayment term.
Sounds too good to be true?
Through this article, you’ll discover:
Our research team constantly reviews the latest retirement interest-only mortgage information so we can keep you updated on the top industry information.
Here’s what we discovered!
A retirement interest-only mortgage is calculated by taking your retirement income, age, property condition, and location into account.
When you apply for a retirement interest-only mortgage, your lender1 will calculate the amount you can borrow by checking your affordability.
Your retirement income needs to cover your retirement expenses as well as the interest repayments on the RIO you apply for. 
Typically, you can expect to borrow between 4 to 5.5 times your annual retirement income; sometimes, this can be up to 8.5 times depending on the lender.
An RIO Mortgage calculator is a tool you can use to get an estimate of how much you might be able to borrow using a retirement interest-only mortgage in a few short minutes.
The information you need to provide to use an RIO mortgage calculator is the value of your home, the youngest homeowner’s age, which should be 55, and your property’s postal code.

How to Use a Retirement Interest-Only Mortgage Calculator
To use a retirement interest-only mortgage calculator, you’ll input the following information, and it’ll give you an estimate of much money you could borrow:
Once you’ve entered your information and hit submit, the calculator will send you an estimate of how much you could get with a retirement interest-only mortgage. 
You should use a retirement interest-only mortgage calculator to give you an estimate of how much equity release lenders may be willing to loan you. 
You can also use this calculator to better understand the impact of different interest rates on your repayment amounts.
Yes, RIO mortgage calculators factor in age limits.
There aren’t RIO mortgage calculators for pensioners with bad credit3.
Depending on the severity, some lenders may look at lending to pensioners with a bad credit history.
Your financial adviser will be able to assist you with this.
Using a retirement interest-only calculator could be your first step to a care-free retirement.
Retirement interest-only mortgages are the most recent addition to the field of retirement mortgage schemes and are a terrific alternative to lifetime mortgages.
We strongly urge you to carefully consider all of your choices and consult with a financial adviser before making any final decisions.
We strongly suggest that you weigh up all your options and speak to a financial adviser before making any final decisions.
What are you waiting for? Try our RIO mortgage calculator for free today!
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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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