Legal & General has launched a Retirement Interest Only (RIO) mortgage as part of its range of later life lending options.

Legal & General’s RIO is an interest-only mortgage designed for those aged 55 and over with a minimum property value of £100,000.

It can be used to replace an existing interest-only mortgage or as a new interest-only mortgage.

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Claire Singleton, CEO of Legal & General Home Finance, said: “A Retirement Interest Only mortgage has the benefit of allowing people to use their home to borrow, while helping them anticipate the long-term costs and impact on their income and assets.

”We know that for many people, their home is both the hub of their family life and one of their most valuable possesions.

“At Legal & General, we want to give people a variety of options to access money from their homes, without having to move.”