If you are 62 or older, a HECM allows you to access tax-free cash from your home equity with no monthly mortgage payments.
Step 1: Home Details
"The bank owns my home if I get a reverse mortgage."
You retain the title. It is a loan, not a transfer of ownership.
"I could owe more than the house is worth."
A HECM or "Reverse Mortgage" is non-recourse. Meaning you can never owe more than the home is worth