You keep the title to your home. Instead of paying month-to-month home loan payments, however, you get an advance on part of your house equity (how do cash back mortgages work in canada). The money you get usually is not taxable, and it usually will not impact your Social Security or Medicare benefits. When the last making it through customer passes away, offers the home, 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 mortgage lending institutions normally charge an origination fee and other closing costs, along with maintenance costs over the life of the home loan. Some likewise charge home loan 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.