You keep the title to your house. Rather of paying month-to-month home loan payments, however, you get a bear down part of your home equity (how do reverse mortgages work?). The cash you get normally is not taxable, and it normally won't impact your Social Security or Medicare advantages. When the last making it through debtor passes away, sells the house, or no longer lives in the home as a principal residence, the loan has to be repaid.Here are some things to consider about reverse mortgages:. Reverse home loan lenders normally charge an origination cost and other closing costs, in addition to servicing charges over the life of the mortgage. Some likewise charge mortgage insurance premiums (for federally-insured HECMs). As you get money through your reverse home loan, interest is added onto the balance you owe monthly.