I am a mortgage lender, the thing about reverse mortgage that I don’t understand is why do that have to have Mortgage Insurance? You can’t defualt on the mortgage..

Reverse mortgage is not a bad tool to use, it could be better,

They have pretty high fees so unless you plan to live in that house the rest of your life and leaving nothing to heirs probably a bad idea.
You can read about them on AARP or HUD websites. You can get them as young as 62 but they only lend you about half the value of your home over your life expectancy. If you waited until you were 80 you would get more money because you are older and because your home may be worth more than it is now.
I am 59 and have been looking at them because I have no heirs but will wait until I am much older and sure I will want to age in place.