Mortgage insurance may be a waste of money

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DEAR BOB: I carry a senior citizen reverse mortgage with a $100,000 line of credit. The market value of my home is about $500,000. I pay a hefty PMI (private mortgage insurance) charge each month. Since there is no default danger for the lender, as my house is worth far more than the mortgage balance, what is the lender insuring against? How can I get out of these PMI payments? – Joseph I. DEAR JOSEPH: You are being ripped-off by your reverse mortgage lender. However, I suspect you were "conned" into an FHA reverse mortgage without realizing the costs and limited benefits. Purchase Bob Bruss reports online. FHA reverse mortgages require payment of mortgage insurance fees for the life of the FHA reverse mortgage. Unless you are using that $100,000 reverse mortgage credit line, I would terminate it by obtaining a home-equity credit line elsewhere from virtually any local bank to pay off your balance. Unfortunately, your situation is a very bad example of how some reverse mortg...