Later Life Lending Support and Advice

Access your Finances with Equity Release

Whether you’re retired, planning your retirement, or just looking for a way to improve your quality of living and achieve your goals, later life lending is an attractive prospect. For homeowners, some popular options for this are lifetime mortgages and retirement interest only (RIO) mortgages.

Explore our various blogs and case studies, or read some FAQs to find out what other people in a similar situation to your own have to say.

Equity Release may involve a Lifetime Mortgage or Home Reversion Plan. To fully understand the features and risks, please ask for a personalised illustration.

Lifetime Mortgages

Get help with later life lending from a lifetime mortgage, available to homeowners over the age of 55. These mortgages release a portion of the money tied up in your home while allowing you to maintain ownership. This loan is usually repaid when you pass on or move into long-term care.
To further explore the role and potential of lifetime mortgages with regards to your later life lending and finances, read some of our other materials below!

Retirement Interest-Only (RIO) Mortgages

If you have other forms of income available, you can support your lifestyle, goals, and family further with later life lending in the form of a RIO mortgage. This mortgage is available for homeowners over the age of 55, borrowing money against the value of your home. The interest on this loan is repaid each month, meaning the remaining amount you have to pay shouldn’t increase over time.

Find out more about RIO mortgages in our blog and see their impact in our case study.

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We’re in the office 9:00 – 5:30 Monday to Friday and can’t wait to discuss your financial goals. We like to think we’re breaking the mould when it comes to financial planning. Give us a call and find out how.

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To provide more information and support on later life lending, we’ve answered some frequently asked questions from clients like you.

Later Life Lending, also known as a Later Life Mortgage, refers to various types of borrowing for anyone over the age of 55 years old. Later life mortgages can be used for any financial need, from buying a home to supporting your pension or planning for inheritance tax.

Later life lending encompasses a variety of different types of mortgages. Some of the most common mortgages during later life lending are:

  • Retirement Interest Only (RIO) Mortgages
  • Lifetime Mortgages
  • Traditional Mortgages

Although both of these types of later life lending help homeowners over 55 to access funds tied to their home to help fund their retirement, there are distinct differences between the two.

A Retirement Interest Only (RIO) Mortgage is often more flexible because the total loan value doesn’t increase, although it does require you to have enough income to comfortably keep up with the regular interest payments. A Lifetime Mortgage doesn’t require repayments, meaning it is usually more accessible.

There are also other small differences such as different restrictions on how payments are made, and the criteria used to determine if a person is eligible.

The main benefit of a RIO Mortgage is that the monthly payments can be cheaper than a Traditional Mortgage since you are not making capital payments each month. You may have the option to make capital payments which can reduce the amount that needs to be paid back later.

Some other advantages include not paying compound interest, and RIO mortgages are usually indefinite which requires less payment planning.

Lifetime Mortgages can offer numerous benefits such as a fixed interest rate, and you can choose to stop making monthly payments which will typically result in the mortgage being converted to interest roll-up, allowing repayment to be deferred.

Another reason why Lifetime Mortgages are popular is because of “No Negative Equity Guarantees” which can mean you will never owe more than the value of the property – regardless the length of the loan or its interest. This guarantee is subject to availability from the lender.

To apply for a RIO Mortgage or a Lifetime Mortgage, you can go straight to a lender. However, this may result in you not getting the best deal. A better option can be to go through a financial advisor who can offer you insight and individual advice on which route may be best for you.

Later Life Lending can be part of an overarching Financial Life Plan, which combines all of your assets into a consolidated format to product synergistic results. Basically, your money and assets can work together to improve your lifestyle further than on their own.

Disclaimer: This content is for informational purposes only and does not constitute advice.