For an adjustable rate program, you have four options:

1. Lump sum – where you specify taking all the money available to your up front
2. Tenure – where the software programs calculate the amount of money available to you each month, assuming you will live to be 100 years old.
3. Term – where you specify the amount of money you will to draw each month and for what specified period of time (i.e. $5000 per month for 5 years)
4. Line of Credit – where you leave proceeds in a credit line and draw on an as-needed basis.
5. Combination – a combination of the some of the above (i.e Modified Term, Modified Tenure. Lump Sum with Line of Credit), which become  possible depending on the amounts in each category.

For a fixed rate loan, several lenders technically offer the same payment plan options.  However, the loan interest rate may be different for some of the options, encouraging homeowners to elect the full draw of monies at close to obtain the most favorable interest.