More and older Americans are using the equity in their homes through reverse mortgages. They do this for a number of reasons but often it is because their income from retirement savings and Social Security is not enough to support them comfortably after they stop working. In other instances they need funds because of large medical expenses or some other sizeable expenditure they can’t or don’t wish to fund out of retirement savings. There are also a number of retirees that just want more spend able cash and wish to use the equity in their home to make their retirement years more comfortable. There are many types of mortgage loans available to homebuyers, and within each of these types there are many options:

Fixed-rate: A fixed-rate loan offers a monthly payment that is known and does not change. Most fixed-rate mortgages are for loan terms of 15 or 30 years.

Adjustable-rate or ARM: After a predetermined initial term, the interest rate on an adjustable-rate mortgage loan is re-set periodically. This ensures that the rate reflects current market interest rates. For example, a 3/1 ARM loan offers a fixed rate for the first three years, adjusting once a year thereafter. A 5/1 ARM loan offers a fixed rate for the first five years, adjusting yearly thereafter.

Convertible: This is an ARM loan that allows you to convert to a fixed-rate loan at or before a specified time. The conversion privilege lets you start off with a low variable rate, then “lock” the rate at a fixed amount depending on market conditions. Balloon: These loans often have interest-only payments, in which case the loan principal is not reduced and the entire loan amount is due at the end of the loan term.

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