You keep the title to your house. Instead of paying month-to-month home mortgage payments, however, you get an advance on part of your house equity (reverse mortgages how they work). The cash you get generally is not taxable, and it typically won't impact your Social Security or Medicare advantages. When the last enduring customer passes away, sells the home, or no longer lives in the house as a primary home, the loan has to be repaid.Here are some things to consider about reverse mortgages:. Reverse home mortgage lenders usually charge an origination cost and other closing costs, as well as servicing fees over the life of the mortgage. Some also charge mortgage insurance premiums (for federally-insured HECMs). As you get money through your reverse home mortgage, interest is included onto the balance you owe monthly.