You keep the title to your home. Instead of paying regular monthly home mortgage payments, however, you get an advance on part of your house equity (how do second mortgages work in ontario). The money you get generally is not taxable, and it usually will not affect your Social Security or Medicare advantages. When the last making it through customer passes away, sells the house, or no longer lives in the house as a primary house, the loan needs to be paid back.Here are some things to consider about reverse home loans:. Reverse home loan lenders usually charge an origination fee and other closing costs, along with servicing charges over the life of the mortgage. Some likewise charge mortgage insurance coverage premiums (for federally-insured HECMs). As you get cash through your reverse home mortgage, interest is added onto the balance you owe each month.