You keep the title to your house. Instead of paying regular monthly home loan payments, though, you get an advance on part of your home equity (how do reverse mortgages work). The cash you get generally is not taxable, and it generally will not impact your Social Security or Medicare benefits. When the last surviving borrower passes away, offers the home, or no longer lives in the home as a principal home, the loan has to be repaid.Here are some things to consider about reverse mortgages:. Reverse home mortgage lenders generally charge an origination charge and other closing expenses, along with maintenance fees over the life of the mortgage. Some also charge home 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 every month.