We took out a home equity line of credit to make some improvements to our home. We didn't have to make monthly payments on this loan, so having the option of a deferred payment loan was attractive to us.
In my experience, I would say if there is any way you can make payments on something like this, it is the better way to go. You never know what can happen and you might not be able to repay the loan as agreed.
My husband ended up losing his job and when we needed to begin making payments, did not have the extra income to do so.
Even though this sounds like a good thing initially, I think it is better to pay as you go and not let yourself get in a situation like this. You never know what your financial situation might be down the road.