A reverse mortgage is a type of home equity loan that's reserved for older homeowners and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.

Lenders Mortgage Insurance is one way of getting into home-ownership without having the 20% deposit which is typically required by most banks and financial institutions. With Lenders Mortgage Insurance, lenders may allow you to borrow a higher proportion of the purchase price, allowing you to purchase a property with a smaller deposit than would ot

Mortgage insurance premium (MIP), is an insurance policy used in FHA loans if your down payment is less than 20%. The FHA assesses either an "upfront" MIP (UFMIP) at the time of closing, or an annual MIP that is calculated every year and paid in 12 installments.