For each of the following types of mortgages, describe life situations and economic conditions that could make this type of home loan an appropriate choice. Type of mortgage Describe terms of this mortgage (and it's value) Description of life situation (when this is a good option) Conventional, fixed- rate, fixed-payment FHA or VA Adjustable rate mortgage Buy Down Home-equity loan (Second mortgage) Reverse mortgage Interest-only mortgage Refinance 1) What are advantages and disadvantages to renting (a home or apartment)?| 2) What are advantages and disadvantages to purchasing and owning a home?