You keep the title to your home. Rather of paying monthly home loan payments, though, you get a bear down part of your home equity (how do assumable mortgages work). The cash you get typically is not taxable, and it usually will not impact your Social Security or Medicare benefits. When the last surviving borrower dies, sells the home, or no longer lives in the home as a primary residence, the loan has actually to be repaid.Here are some things to consider about reverse mortgages:. Reverse mortgage lending institutions generally charge an origination fee and other closing costs, along with servicing costs over the life of the home mortgage. Some likewise charge home loan insurance coverage premiums (for federally-insured HECMs). As you get cash through your reverse mortgage, interest is included onto the balance you owe every month.