Caution: A loan without mortgage insurance will come at a higher interest rate and possibly tighter underwriting guidelines, so shop both programs and compare their amortization schedules to find the lowest cost of borrowing. Of course you should always ensure to do your research before investing, but it has never been as important as it is in the case of a reverse mortgage. You always want to ensure that you have the right insurance so that you are never caught off guard. This is too big a risk otherwise. However, when you do the research it can be the biggest reward.