The Retirement Interest Only Mortgage is a new way to borrow in later life.

Designed for borrowers aged 55+, Hodge has led the way in introducing a product for older borrowers as an alternative to traditional equity release.

You don’t need an equity release qualification to recommend our 55+ RIO to your clients, giving you the chance to grow your business and engage with what may have previously seemed an unobtainable market.

Hodge’s 55+ RIO has no end date and the capital payment is repaid upon death or entry into long term care, it has no minimum equity requirement and minimum property value is £100,000.

A recent update to our credit underwriting criteria means we can now include contactor income, as long as the income comes from a current contract which is at least six months long and your customer has at least a 12 month history of contracting in a similar role.

Deian Jones, managing director of Hodge Lifetime, said: “This update once again puts Hodge at the forefront of the later life lending market and gives advisers greater flexibility with product options for the 55+ market.

“Many people are now working longer or opting for phased retirement, which is why we decided to include contractor income to our underwriting criteria. It means our award winning 55+ RIO product is even more accessible.”