How often do I need to pay on the loan?

 Loans have a 30-year term and there are no monthly payments required. Instead, the full amount is due either at the end of the 30-year term or when a "repayment trigger" occurs, whichever is sooner. Repayment triggers include: selling the home, transferring ownership, refinancing the first mortgage (unless it is only to get a lower interest rate), or if you stop living in the house as your main residence.