Alternative Mortgage Instruments Daniel Guidotti 14 years ago Alternative Mortgage InstrumentsVariants of mortgage instruments. For example graduated-payment mortgages, adjustable rate mortgages and variable rate mortgages, reverse-annuity mortgages.Recommended for you:ARM- Adjustable Rate Mortgage RAM- Reverse Annuity Mortgage Graduated-Payment Mortgages (GPMs) Growing-Equity Mortgage