Simple product, once you get the basics. BEFORE you begin shopping for this product or plan on making it a part of your strategy familiarize yourself with it! Then you will recognize how competent or incompetent the loan officer you are working with is, ask important questions that my be critical to your decision making, and evaluate the cost and suitability of this product versus others. Among other considerations the up front costs are substantial which makes it absolutely critical you will remain in the home for quite some time to make this product a good fit for you. There are many many myths related to this product. For example mortgage insurance premiums apply typically at a 2% fee plus an additionalmonthly fee, 40% of the funds are not available until month 13 of the loan, our repairs and costs are controlled by the lender, and the list goes on. It is unlikely that your loan officer is equipped to provide you with expert advise as to how this product impacts your retirement plans and how delaying or using an alternate product may help or hurt your long term goals and quality of life. I encourage you explore this site and arm yourself with the basics.