You keep the title to your house. Instead of paying month-to-month mortgage payments, however, you get an advance on part of your home equity (how do mortgages work in the us). The money you get normally is not taxable, and it usually won't impact your Social Security or Medicare benefits. When the last making it through debtor dies, sells the home, or no longer lives in the home as a primary house, the loan has to be repaid.Here are some things to consider about reverse home loans:. Reverse mortgage lenders usually charge an origination charge and other closing costs, along with maintenance 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 added onto the balance you owe every month.