Are you allowed to make home improvements during a reverse mortgage?

Can I make "unnecessary" home improvements while I have a reverse mortgage? For example, if I want to add on a garage but don't need one to keep the home in good shape, am I still allowed to do so?
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American Advisors Group | Robyn Perry
Sure you can, it is no problem to use the proceeds of a reverse mortgage to make home improvements. Please do wait until you have received the proceeds of your loan though, as the home must be in a good state of repair, not being worked on, to qualify. Many of the seniors we help use a reverse mortgage to make home improvements, or to pay medical bills, travel and see the world, help loved ones, or visit family and friends. Call us today to see how much you may qualify for. To find out more about how a reverse mortgage can work for you, you can also order our free educational DVD, which features Former Senator Fred Thompson. You can place an order for your copy from the link on this website or the phone number provided.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 4/4/2011

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