A retirement interest-only (RIO) mortgage is a type of mortgage specifically designed for people aged over 60. With a RIO mortgage, you only have to pay the interest on the loan each month. This makes monthly payments more affordable, which can be particularly helpful if you're retired and living on a fixed income. nnRIO mortgages typically have a term of 20-30 years, which means that the loan will be paid off by the time you reach retirement age. After the loan is paid off, you will still own your home outright. While RIO mortgages can be a helpful way to make retirement more affordable, it's important to remember that you will still need to find a way to pay off the loan in full when you retire. Otherwise, you may end up losing your home.