You can avoid paying MIPs by getting a proprietary reverse mortgage. However, the loan may cost more in the long run due to higher interest rates. On the other hand, you will owe up-front and annual MIPs if you have an HECM. However, you get several important protections in exchange for paying those premiums. Specifically, the loan proceeds are guaranteed (even if the lender goes out of business), and you or your estate will not owe more than the value of the home once the loan becomes due and the house is sold.