It is always advised to check with a tax specialist, however, in general, a reverse mortgage does not affect Social Security and/or Medicare. There are ways that a reverse mortgage could affect asset based benefits such as Medicaid. If you are on Medicaid, any reverse mortgage proceeds that you receive must be used immediately. Funds that are retained would count as an asset and could impact Medicaid eligibility. Please contact the appropriate Government agency for clarification on how a reverse mortgage may impact benefits.