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