28th January 2026
Explore later life mortgage options, including RIO and equity release, and learn how to borrow confidently in retirement.
Retirement is a time to enjoy life, but it can also bring financial challenges. One common question is whether you can get a mortgage after 60. The answer is yes. Today, there are many options for later life mortgages that make borrowing in retirement possible. Whether you want to downsize, refinance, or release equity from your home, understanding your choices is essential.
Yes, securing a mortgage in retirement is possible. There are many products designed for older borrowers, including retirement interest-only mortgages (RIO), lifetime mortgages, and equity release schemes. These options provide flexibility and can support your future plans.
Retirement mortgages are flexible with later‐life borrowing options that can help you release funds or even move home - including downsizing. They allow you to access money tied up in your property in a way that suits your plans. This could be through a retirement interest‑only mortgage, where you pay just the interest each month until the home is sold, or through equity release options like lifetime mortgages, which can provide funds without monthly repayments while letting you stay in your home.
Lenders consider your age, income, and credit score. Most have maximum age limits for mortgage terms. At the Vernon, we don’t have a maximum age, giving you more flexibility when applying. You’ll need proof of income, such as state pension, workplace or private pensions, investments, or other reliable sources, to assess whether the mortgage is affordable.
Later life mortgages can give you financial freedom in retirement. They can allow you to stay in your home, free up money for lifestyle plans or gifts for family members and manage monthly costs with interest-only options.
Think about how a mortgage will affect your long-term plans. Will it impact inheritance? Can you manage repayments on a fixed income? Speaking to a specialist adviser is highly recommended - they can guide you through the best options for your situation.
Retirement Interest‑Only (RIO) mortgages and equity release lifetime mortgages both help older borrowers unlock money later in life, but they both work differently.
With a RIO mortgage, monthly interest‑only repayments are required, and the loan is usually repaid when you sell your home, move into long‑term care, or pass away.
With equity release, monthly repayments are voluntary. Instead, the interest is rolled up and added to the loan, which is then repaid from the sale of the property. You can release funds as a lump sum or through smaller, regular payments.
Because there are different options available, getting professional advice is essential to choose the right fit for your situation.
To get the best mortgage deal, compare interest rates, terms, and lender requirements. Working with a later life mortgage specialist can make the process easier and ensure you choose the right product for your needs.
Mortgages in retirement can help you stay financially secure and enjoy your later years. Whether you’re considering downsizing, equity release, or an interest-only mortgage, understanding your options is key. Always seek expert advice to make informed decisions that support your retirement goals. If you have any queries or want to find out more information, get in touch.
Can I get a mortgage over 60?
Yes, many lenders offer later life mortgages for borrowers over 60. These include retirement interest-only mortgages, lifetime mortgages, and equity release options.
What is a retirement interest-only mortgage?
A retirement interest-only mortgage allows you to pay only the interest each month. The loan is repaid when you sell your home or pass away, making monthly payments more affordable.
What is equity release and how does it work?
Equity release lets you unlock money from your home without selling it. You can receive a lump sum or regular payments, and the loan is repaid when the property is sold.
Do I need a good credit score for a later life mortgage?
A healthy credit score can improve your chances of approval. Lenders also look at your income sources, such as pensions or investments.
Will taking a mortgage in retirement affect inheritance?
Borrowing against your home can reduce the amount passed on to beneficiaries. Always seek financial advice to understand the impact.