Light that falls over the edge of the event horizon cannot get out again. The distortion from the mass of the black hole is simply too steep and we've taken pictures of the dark shadow that this creates in space.

Once over the event horizon, the light still "exists" in some manner, but has been effectively cut off or removed from ever interacting with our universe again, so it also doesn't really exist anymore.

The real problem happens further down towards the singularity where space pinches off. That part of the gravity well is so steep and trails off to forever, that light/particles cannot actually enter it, the same way that it's hard to send a probe to orbit the sun or mercury because it takes so much slowing down. As a circular orbit shrinks, the momentum of the orbiting object is conserved so the object speeds up, as it speeds up, it gains enough velocity to push back out. So particles approaching infinite velocity do... what? We don't know, but this is just one of many places where our physics and understanding breaks down because it approaches infinities.