I've always looked at RMs as a way to steal old people's homes from them, and give them a little pocket change until they die. I think they're disgusting and immoral. I have lost respect for Rob Wagner, Henry Winkler, and the rest of the endorsers.
But Gerry, how can a homeowner take out a lean on their house if its been r-mortgaged? Its no longer their home, its the bank's. The bank won't offer a RM if there are liens against the property. My understanding is that since YOU own the home free and clear, a RM is basically mortgaging the home BACK to the bank, with the most generous "death clause" in the world! Kind of like saying that when Lehman Bros died, anyone holding a mortgage under them got to keep their homes, and the remaining debt forgiven. (just an example...I don't know if Lehman actually underwrote morts)