You keep the title to your house. Instead of paying month-to-month mortgage payments, however, you get a bear down part of your house equity (how home mortgages work). The cash you get usually is not taxable, and it normally won't impact your Social Security or Medicare benefits. When the last surviving debtor passes away, offers the home, or no longer lives in the house as a principal house, the loan needs to be repaid.Here are some things to consider about reverse mortgages:. Reverse home mortgage lenders normally charge an origination cost and other closing expenses, as well as maintenance costs over the life of the home loan. 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.
