As well as RIO mortgages, there is another type of mortgage product available for older borrowers known as an Equity Release or Lifetime Mortgage. Unlike a RIO mortgage where you make monthly payments, with equity release no payments are due. Instead the interest due is compounded (added to the loan) and is repaid along with the principal mortgage balance when you leave the property. However, you can still make payments if you want to reduce the balance or cover the interest. To discuss which option is right for you, contact our friendly team. If you are thinking about equity release, depending on your circumstances sometimes RIO can be a good first step with the option to move to equity release later if you decide you no longer want to make payments.