And if none of these methods suits you, reverse mortgage cash may be given to you using any combination of the abovementioned methods. Whether or not you want your cash from a reverse mortgage be paid to you in lump or in installment, the main thing is that you do not have to pay anything back until you die, sell your home, or permanently move. If there is anything at all that confuses you a bit or something that you do not understand while you're doing your mortgage rate comparison, do not hesitate to ask for advice. A mortgage rate comparison is actually an effort on your part to get everything straight. This includes checking all paperwork and then contacting the firm immediately should you find any errors. Usually, the interest rate of the 30-year balloon payment mortgage is lower than a normal 30-year fixed rate mortgage with due date of 30 years. Monthly payments of balloon payment mortgage are still amortized based on the 30-year term. But at the end of five or seven years, a large amount of the balloon payment mortgage is due. Interest-only mortgage payment schedules are also offered in fixed rate mortgages as well. Interest-only mortgages have also gone mainstream so virtually anyone can borrow money with this type of loan. Temporary Payment Periods The payment periods for interest-only mortgages almost never run for the entire term of the loan. In other words, a second mortgage loan is used as collateral pledged for the first loan. Length of Second Mortgage Loans Second mortgage loans have varying lengths with which they are eventually paid off. Some second mortgage loans may last for as long as 15 or 20 years. Other second mortgage loans only require one year for repayment. Also, a take over mortgage requires payment for appraisal costs and title insurance. For example, a friend of yours wants to sell his home to you for $95,000 and has a take over mortgage of $90,000 with 7% interest. With a take over mortgage, you only need to put down $5,000 to assume your friend's home and mortgage.