You have several options:
- Equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
- A Line of Credit – unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted. Depending on the terms of your loan, the unused line of credit available will increase about 4% annually.
- A combination of line of credit with monthly payments for as long as the borrower remains in the home.
- A lump sum payment for the entire amount.
- A combination of monthly payments, credit line, and lump sum.
Currently, jumbo loans are only offered in a Line of Credit similar to a standard equity loan or in a lump sum. In every case, however, you have no monthly payments.
You should be aware that the lenders are assessed a penalty if they do not pay you within 5 days of your request.