There are many different types of mortgage products available to consumers.

Conventional, fixed-rate, fixed-payment, FHA or VA, Balloon payment mortgage, Adjustable rate mortgage, Buy Down, Second mortgage, Reverse mortgage, Interest-only mortgage, and Refinance are all discussed in your reading.

After reviewing each type, select one of the above types of mortgages and describe when you would consider this type of mortgage if you were purchasing/owning a home. Include life situations and economic conditions that could make this type of home loan an appropriate choice for you, and any disadvantages that you see in selecting this type of loan compared to other types of loans.