There are all type of mortgage programs available to you but normally they all fall within certain segments. The term or how long the mortgage is for is one type of mortgage program. The normal 30 year mortgage means the amount owed is spread over 30 years. Years ago, there were interest only payments available but that has mostly been regulated out. Now, most mortgage programs are a monthly payment of interest and principal more often called P&I.
Many homeowners buy their home and pay on the mortgage for say 5-8 years and then do not want to refinance into a new loan back to 30 years again. Mortgages are available for just about any amount of years you want and a popular option is going to a 15 year term. The payment will go up, but you will own the home in about half the time as the 30 year mortgage.
Another one of the top mortgage programs is fixed or adjustable rate loan. Fixed means the rate will stay the same for the entire term of the loan. Adjustable means at some point the rate can go up which means the monthly payment will go up. Many adjustable rate loans have a fixed rate for a few years to let the homebuyer buy the home and get adjusted to the monthly payments. Then, the payment goes up. This rise in payment can be severe and a home buyer needs to consider every other option before choosing one of these types of mortgage programs.
Reverse mortgage are among the mortgage programs for seniors who have a lot of equity in their home or who will be putting a large down payment when they buy a new property. This program eliminates all required monthly payments and allows the senior to make no payments. The monthly interest is added to the loan balance and the amount owed on the loan goes up over time.