Custom home pageAny existing page can be set as the home page like so:
Click on Home page > edit icon, then click Use existing page... in the upper right corner.
Click Select... to choose a new home page.
The new home page may be set to Hidden if you don't want to display it on the navigation.
If you have an existing page selected as your home page, the option to use an uploaded image (or other content) will not appear until you click Remove to remove the selected existing home page.