- The length of the 2nd mortage is the same as your 1st mortgage
- No more than 5% simple interest accrues for the life of the 2nd mortgage
- Payments of principal are deferred until you sell or refinance your home
You have two options :
1. Pay only the monthly interest on the loan; or
2. Choose capped, shared- appreciation and make no monthly payments on the 2nd mortgage
