What Kind Of Mortgages Are There

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Are there different types of reverse mortgages? Yes. Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program.

 · Warning: Mortgage insurance, no matter what kind, protects the lender – not you – in the event that you fall behind on your payments. If you fall behind, your credit score may suffer and you can lose your home through foreclosure. There are several different kinds of loans available to borrowers with low down payments.

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There are two types of home equity loans: fixed-rate loans and lines of credit. Both of these variations typically range from 5 to 15 years, and must be repaid in full when the home is sold. The fixed-rate variation offers a single lump sum of money to the homeowner, which then needs to be repaid over a certain time period at a specific interest rate.

There are enough mortgage options in the marketplace to make your head spin. How do you know which one is right for you? Here are the most common mortgage types, terms, and options that you will come across, how they differ from one another, and why they might be right for you (or not).

Mortgage loan types. There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, the interest rate, and hence monthly payment, remains fixed for the life (or term) of the loan. In the US, the term is usually for 10, 15, 20, or 30 years.

– Other Types of Mortgages. There are many other kinds of mortgages, including interest-only mortgages, adjustable-rate mortgages (arm), and reverse mortgages,

Think of this as a menu of just about all the types of mortgages there are, what you need to know about them – and the type of borrower for which each home loan is best suited.

Adjustable-rate mortgage. ARM loans offer interest rates typically lower than you’d get with a fixed-rate loan for a period of time-such as five or 10 years. But after that, your interest rates (and payments) will adjust, typically once a year, roughly corresponding to current interest rates.