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Reverse Mortgages And Cashing In On Home Ownership Many consumers age 62 or older are "house-rich and cash-poor": their mortgages are paid off, but they are living on fixed or limited incomes. Should You Cancel Your Private Mortgage Insurance (PMI) If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. Reverse Mortgages: Get the Facts Before Cashing in on Your Home's Equity Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. Mortgage Rescue Scams Are On The Rise With thousands of foreclosures because of the sub-prime mess, the wolves are looking for sheep.