There are no restrictions on how you may use the money you receive from a reverse mortgage. Once any mandatory obligations (like previous mortgages or liens on the property) are paid off, the rest of the loan may be used as you see fit.
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Other FAQs
COSTS & PAYOUT- Q: What kind of reverse mortgage rates and fees can I expect?
- Q: Are there different types of reverse mortgages?
- Q: How can I get the cash from a reverse mortgage?
- Q: What are reverse mortgage costs?
- Q: Are there any restrictions on what I can do with the money?
- Q: When do I have to pay back the loan?
- Q: What is the most I can owe?
- Q: How can I estimate what my costs may be?
- Q: What are reverse mortgage pros and cons?
- Q: What are HUD reverse mortgage requirements?
- Q: What are the reverse mortgage rules or requirements?
- Q: Who is eligible for a reverse mortgage?
- Q: What are reverse mortgage disadvantages?
- Q: How do I choose the best reverse mortgage lender?
- Q: Will the bank own my home?
- Q: What types of homes are eligible?
- Q: If I still owe money on a first or second mortgage, can I qualify for a reverse mortgage?
- Q: How much can I borrow?
- Q: Should I get a Fixed Rate or an Adjustable Rate Reverse Mortgage?
- Q: Am I able to use a reverse mortgage to purchase a home?
- Q: Will a reverse mortgage affect any of my other benefits?
- Q: Is the interest accrued on the reverse mortgage tax-deductible?
- Q: How will this affect the estate I leave to my heirs?
- Q: How can I compare reverse mortgage products and features?