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. Other second mortgage loans only require you to pay the interest of the borrowed amount. The former type of second mortgage loans will allow you to significantly shorten your payoff period since with each payment you make, you are also chipping away at the principal. With the interest-only second mortgage loan however you will be required to pay back the entire amount that you borrowed as soon as the term ends. FSA Key Facts - Mortgage Rate Comparison Tables FSA or Financial Services Authority is a mortgage and insurance regulation board based in the United Kingdom. Their website offers British consumers who are in the money market information on the goings-on and happenings in the financial world. From what type of services a loan firm offers to the cost and features of a product, FSA Mortgage Rate Comparison helps make sure that the consumer gets what is due him. However, home mortgage rates for home equity loans have always been perceived to be higher than the home mortgage rates of other loan types. Find a home with the Lowest Home Mortgage Rate Once you understand the advantages of each type of mortgage - whether a fixed rate or adjustable or a home equity loan, the next step of the process is finding yourself a home. When you apply for a loan, the first question every lender asks is: "How's your credit report?" If the answer is in any way viewed as negative, your application is rejected. With a bad credit mortgage loan though, that would never happen. Bad credit mortgage loans allow the borrower to get their loans even with a bad credit report. One disadvantage though is that 15-year fixed rate home mortgages have higher monthly payments and higher interest rates. Adjustable Rate Home Mortgage Contrary to a fixed rate home mortgage, an adjustable rate home mortgage is a home mortgage where the rates are adjusted regularly, usually after the first year is over.