What does deferred loan mean?

If you received financing through HHQ and all or a portion of that financing has no monthly payment, then you generally have a deferred loan. If you're unsure of whether you have a deferred loan, we recommend you review the documents you received during closing.

This type of financing is considered a loan because we have placed a lien upon your property to secure our interest. It is deferred because no monthly payments are due. The loan only comes due if the house is sold before the end of the term or if the customer no longer lives in the property as an owner-occupant.