A Rio mortgage is a type of mortgage specifically designed for homeowners aged 55 or over who wish to unlock the equity in their property. With this type of loan, homeowners can release a lump sum of money, have the option to make monthly payments and can also use it to pay off other existing mortgages. The key benefit of the Rio mortgage is that it provides people with the opportunity to access funds without having to move homes. However, as with all other types of mortgages, it is important to be aware of all the terms and conditions before taking out such a loan. Therefore, it would be advisable to speak with an independent financial advisor in order to get a better understanding of everything involved.