You keep the title to your home. Instead of paying monthly mortgage payments, though, you get a bear down part of your home equity (how do adjustable rate mortgages work). The cash you get normally is not taxable, and it generally will not impact your Social Security or Medicare benefits. When the last making it through debtor dies, sells the house, or no longer lives in the house as a primary residence, the loan has actually to be repaid.Here are some things to consider about reverse mortgages:. Reverse home loan lenders typically charge an origination cost and other closing costs, as well as servicing costs over the life of the home loan. Some also charge mortgage insurance coverage premiums (for federally-insured HECMs). As you get cash through your reverse home loan, interest is added onto the balance you owe monthly.