A Retirement Interest-Only Mortgage (RIO) is a type of loan designed for older homeowners, typically over the age of 55. With a RIO, borrowers can access the equity in their homes while only paying the interest on the loan, not the principal. This allows them to maintain their lifestyle without the burden of monthly repayments on the loan amount. The loan is usually repaid when the homeowner sells the property, moves into long-term care, or passes away. RIOs can be a useful financial tool for retirees looking to supplement their income while staying in their homes, but they should be considered carefully due to potential risks.