You keep the title to your house. Instead of paying month-to-month home loan payments, however, you get an advance on part of your home equity (how do escrow accounts work for mortgages). The cash you get generally is not taxable, and it typically won't affect your Social Security or Medicare advantages. When the last making it through borrower dies, offers the home, or no longer lives in the house as a principal home, the loan has to be paid back.Here are some things to consider about reverse mortgages:. Reverse mortgage loan providers generally charge an origination cost and other closing costs, along with servicing costs over the life of the mortgage. Some likewise charge home loan insurance premiums (for federally-insured HECMs). As you get money through your reverse home mortgage, interest is added onto the balance you owe monthly.