- Payments: The lender makes payments to you in a lump sum, monthly installments, or a line of credit. You can use the funds for any purpose, such as paying bills, covering living expenses, or financing home renovations.
- No monthly payments: You don't have to make monthly payments on the loan, but you must continue to pay property taxes and insurance.
- interest accrual: The loan balance grows over time as interest accrues on the outstanding balance.
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