With a variable rate mortgage interest rate of less than 0.60% for a full five-year term, ING Direct variable rate mortgages are among the top-sellers. As an added bonus, consumers who buy their variable rate mortgages from ING Direct have the option to convert their variable rate mortgage into a fixed rate mortgage of 3 years or more. 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. Reverse mortgages usually cater to homeowners who are 62 years old and older. Reverse Mortgage vs. Second Mortgage Loan A second mortgage loan is a subsequent loan and subordinate to the earlier mortgage. 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. To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction. Mortgage brokers on the other hand are professionals who are peddlers of mortgage products. They are the ones responsible for bringing together mortgage lenders and their borrowers. Because their rent costs are a cycle, at the end of their monthly bills, these people do not have enough funds saved to be able to afford a down payment. These people may be able to borrow money on loan programs where little or no down payment is required. But to do so, they would have to provide a private mortgage insurance or PMI. Below are some questions you need to consider: - Is there a possibility that my income will rise up enough to cover higher adjustable-rate mortgage payments should interest rates go up? - Is there a chance that I might take on other sizable debts like a loan for a car or school tuition in the near future?