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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 home equity (how do escrow accounts work for mortgages). The money you get generally is not taxable, and it typically will not impact your Social Security or Medicare benefits. When the last enduring debtor dies, sells the home, or no longer lives in the home as a primary residence, the loan has to be repaid.
Here are some things to consider about reverse mortgages:. Reverse home mortgage lending institutions normally charge an origination fee and other closing expenses, in addition to servicing fees over the life of the home mortgage. Some also charge home mortgage insurance premiums (for federally-insured HECMs). As you get cash through your reverse mortgage, interest is added onto the balance you owe every month.
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