Reverse mortgage proceeds don't affect Social Security or Medicare, which don't have income limits. But they can disqualify you from SSI or SSDI if the money pushes your assets over the limit. Check with a HUD-approved counselor before taking one.
Reverse mortgage proceeds are like any other loan proceeds. They don't affect things that are public benefits. Public benefits are things of such of Social Security income and Medicare. Everyone qualifies for these things. However, there are needs-based programs that absolutely can be affected by having too much money in your bank. And this might not be a thing for just the reverse mortgage. If you just have too much money coming into any of your accounts that are being monitored, by specific needs-based programs. Let's say SSI, Social Security Disability. Those are needs-based programs, and they're really meant for people that are— have very low income. It's important to make sure that you talk to a HUD-approved counseling agency or your trusted advisor. But as far as public benefits go, there's no effect on your regular Social Security or Medicare income.
