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high interest loans for bad credit how to remove fha mortgage insurance hecm pros and cons Pros and Cons of a Reverse Mortgage — The Motley Fool – Pros and Cons of a Reverse Mortgage. Skip to main content. Helping the world invest better since 1993.. (HECM) run by the federal housing administration (fha) which is the most popular.How To Cancel FHA Mortgage Insurance Premiums (MIP / PMI) – FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (ufmip) required for FHA loans equal to 1.75.