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An alternative mortgage is any mortgage that is not a traditional, fixed-rate mortgage, like an adjustable-rate mortgage or an interest-only mortgage. These mortgages are a recent banking innovation, but riskier than traditional mortgages.
An alternative mortgage instrument (AMI) is any residential mortgage loan that is offered by non-standard lenders (non-banks) and deviates from standard mortgage practices. For instance, it may be a mortgage that is not fixed-rate, fully amortizing, has monthly or periodic payments, or a standard term of repayment.
Sometimes, an AMI is a loan with real property as collateral, with the money being used for some other purpose than purchasing the property
Extra reading:
https://www.investopedia.com/terms/a/alternative_mtg_instrument.asp
https://www.insiderintelligence.com/insights/alternative-nonbank-mortgage-lending/
https://www.nesto.ca/mortgage-basics/what-are-alternative-mortgage-lenders/
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