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If you take out a reverse mortgage, you don't have to worry about the loan affecting your ability to collect Social Security or Medicare benefits. (However, if you are receiving Supplemental Security Income payments, you must spend the proceeds from the reverse mortgage and not accumulate the payments.) Nor will the mortgage have much effect on your income taxes. According to "Wealth Enhancement & Preservation" (The Institute Inc., Denver, Colo.), "Reverse mortgage advances do not affect eligibility for Social Security and Medicare benefits and will not affect SSI benefits as long as the recipient spends the advances within the month they are received. The loan advances from a reverse mortgage are not taxable, and the interest which is credited on a reverse mortgage is not deductible for income tax purposes until it is paid. This does not occur until all the reverse mortgage debt is paid."