The 2nd mortgage on my house is a perpetual loan, so it very much is still a thing. Some context: I could only go 5% down but wanted to avoid PMI, so the other

The 2nd mortgage on my house is a perpetual loan, so it very much is still a thing. Some context: I could only go 5% down but wanted to avoid PMI, so the other 15% for 20% down on the first mortgage was taken from a 2nd mortgage, which had the perpetual terms. It's more commonly known as an interest-only payment loan. The interest rate is adjustable and I only pay the monthly accumulated interest.