A reverse mortgage is just another lien, like any other loan. You, or your estate, should never give up ownership of the home. But the equity you may now have will be reduced by the terms of the reverse mortgage (payments made to you, loan fees, etc.).
You should consult with an accountant, CPA, income tax prepareer, financial advisor, or attorney, if you are going to make these types of decisions. Do not depend solely on the advise of your loan officer or answers from this forum.