Reverse Mortgage Myth #6: Only Low-Income Seniors Get Reverse Mortgages Fact: FALSE Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without a payment, many homeowners find they can improve their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need secure reverse mortgages as an "insurance policy" and so that they have a financial cushion for future expenses. Those who don’t need the funds immediately usually keep all available proceeds in a Line of Credit, that begins compounding and growing day one, and can be accessed as needed after the first year.