Flexible loan insurance plan (FLIP) - This is an alternative mortgage instrument; a graduated payment mortgage that combines graduated payments for the home buyer, and level payments for the lender. The FLIP has conventional underwriting. In the FLIP mortgage program, a portion of the home buyers down payment is deposited in a interest bearing savings account account and serves as cash collteral for the lender and a source of supplmental payments for the borrower during the first few years of the loan.