Any home loan that is not a standard fixed-rate mortgage. This includes ARM's, reverse mortgages and jumbo mortgages.
A loan that is other than the standard fixed-rate mortgage, ie a non-conforming loan. An alternative mortgage may vary in interest rate, maximum loan amount, or loan-to-value ratio.
a loan with payment features, such as variable interest rates or balloon payments, that vary from conventional fixed-rate, fixed-term mortgage loans