Reverse mortgages provide you with cash which you can use for other investments. By turning the value of your home into cash, reverse mortgages gives you virtually unlimited funds without having to move and even without repaying the loan every month. There are several ways to give you the cash from reverse mortgages. This however is not always the case. 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. This is because adjustable rate home mortgage rates depend largely on the changes in federal rates. Also, adjustable rate home mortgage rates are short-term interest rates like Treasury bill rates. If you're planning to keep your home for only a short period of time, then an adjustable rate mortgage might be the best choice for you. Balloon Payment Mortgage The other term for a balloon payment mortgage is a partially amortized loan. Balloon payment mortgage is when your liability or obligation is only partially amortized, leaving the rest to be paid upon the completion of the term. Because the initial interest rates and monthly payments are lower, a balloon payment mortgage is paid off with one large payment at the end of the loan term. When you're thinking of taking on a second mortgage loan, you will need to know what term best suits you. Discuss the repayment terms of the second mortgage loan with your bank or lending company. For instance, you get a second mortgage loan worth $20,000 to make some home repairs. With this amount, you might want to take on a second mortgage loan that will allow you to repay the entire amount in one or two years. Variable Rate Mortgage by National Mortgage National Mortgage has three variable rate mortgage programs on its product lists. All three variable rate mortgages have initial payment rates based on current Prime rate of 4.00%. These variable rate mortgage programs have varying terms from 3 months, 6 months, to 5 years.