An object crossing a black hole’s event horizon, the point of no return, will simply pass through from its own perspective, unaffected by time dilation. However, its appearance to outside observers is strongly affected by the black hole’s presence. Light signals sent from the object at even time intervals (from the object’s perspective) will be received further and further apart in time as the object approaches the event horizon. The strong gravitational field near the event horizon curves space, increasing the distance light must travel to reach the observer. The curvature and distance to the observer — and hence the signal’s travel time — approach infinity at the event horizon, so an outside observer will never see an object actually fall into a black hole. The object instead will appear to freeze at the event horizon.
Astronomy magazine subscribers can read the full answer for free. Just make sure you're registered with the website.