Usually homebuyers receive a 15 or 30 year mortgage, although other terms may be available. The length of the term indicates how long you have to repay the loan. On a 30-year mortgage, you will typically have a lower monthly payment compared to a 15-year mortgage, but you will pay more interest over the life of the loan. If you are over 50 years old, I would recommend you take a look at reverse mortgage - goodlifehomeloans.com. A reverse mortgage is an alternative to a life annuity. Real estate remains the property of the pensioner-borrower, and banks, in turn, are rightly considered more reliable partners than private individuals.