The main differences between a Lifetime Mortgage and a Retirement Interest-Only Mortgage (RIO) is the repayment criteria and what happens if you stop paying a RIO. With the former, the amount borrowed plus interest needs to be repaid after you die or enter long-term care, whereas with the latter, you will need to make monthly payments on the amount you have borrowed.  Therefore, only the amount borrowed would need to be repaid after you die or enter long-term care, however if you do not make payments, your home could be at risk from repossession. Whereas a Lifetime Mortgage with Equity Release Council safeguards, gives you guaranteed rights of occupancy whilst it remains your main home.