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"As many as 40,000 interest-only mortgages will mature during 2016 but no one really knows the scale of shortfalls for repayment or how many homeowners have no repayment method in place at all.
Under federal regulations, after the last borrower named on the loan has died, the lender must provide up to 30 days for the heirs to decide on a repayment method.
Once the repayment method is decided, there are lots of individual rate choices.
Others may consider cashing in their endowment and using the proceeds to pay down the mortgage, before paying the rest through a repayment method.
This debt repayment method is one that personal finance guru Dave Ramsey recommends to his followers.
This repayment method is effective for people who are motivated by experiencing wins right away.
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Each loan comes with varying terms, repayment methods and use of proceeds.
However, you can opt for other repayment methods as well, such as starting with the highest interest rate, highest balance or a different order you create.
Both the Department of Education and the banks like this method of repayment so much, they will almost always arrange to give you a break on your interest rate if you sign on the dotted line, usually around 0.25%.
This method of repayment will ensure you pay the least interest.
Paper checks used to be the de facto method of repayment — and it was messy, time-consuming and nowhere near instantaneous — someone could wait a month to cash a check you wrote them, leaving you with an annoying surprise when the money is withdrawn after you forgot about even writing the check.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com