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You keep the title to your house. Instead of paying regular monthly home mortgage payments, however, you get an advance on part of your house equity (how reverse mortgages work). The cash you get normally is not taxable, and it usually will not impact your Social Security or Medicare advantages. When the last making it through borrower passes away, sells the house, 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 home mortgages:. Reverse home loan lenders typically charge an origination cost and other closing expenses, as well as servicing costs over the life of the home mortgage. Some also charge mortgage insurance coverage premiums (for federally-insured HECMs). As you get money through your reverse mortgage, interest is added onto the balance you owe each month.
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