Adjustable Rate Mortgage - a type of mortgage in which the interest rate is adjusted at periodic intervals (typically annually) according to prevailing market conditions.
Fixed Rate Mortgage - a type of mortgage in which the interest rate is fixed for the term of the mortgage, usually 10, 20 or 30 years.
Home Equity Loan - a fixed or variable rate loan (or credit line) secured by a residence to the extent of the excess of its fair market value over the primary mortgage or other secured loans.
Interest Only Mortgage - a type of mortgage in which the borrower only makes periodic interest payments, with principal due at the end of the term of the loan.
Reverse Mortgage - a type of mortgage in which the borrower, usually an elderly or retired individual, receives periodic payments from the lender based on the equity in the mortgaged home. Generally, repayment is not made until the home is sold.
