A mortgage is basically a loan to help you buy a home (how reverse mortgages work). You'll usually require to put down a deposit for at least 5% of the property worth, and a home loan permits you to obtain the rest from a loan provider. You'll then repay what you owe monthly, normally over a duration of several years.You'll usually pay interest on the quantity borrowed each month too, either at a fixed or variable interest rate, depending upon which kind of deal you choose. The loan is secured versus your property until it has actually been repaid in full. The quantity of interest you'll pay on your home mortgage depends upon the home mortgage deal you've selected.