You keep the title to your home. Rather of paying month-to-month home mortgage payments, however, you get an advance on part of your house equity (how do mortgages payments work). The cash you get generally is not taxable, and it generally will not impact your Social Security or Medicare benefits. When the last enduring customer passes away, offers the home, or no longer lives in the home as a primary residence, the loan has to be repaid.Here are some things to consider about reverse mortgages:. Reverse home mortgage lending institutions normally charge an origination charge and other closing costs, along with servicing fees over the life of the mortgage. Some also charge home loan insurance coverage premiums (for federally-insured HECMs). As you get money through your reverse home loan, interest is included onto the balance you owe each month.