No, you do not have to use the money from a reverse mortgage to make home improvements only. If your home is deemed in a state of disrepair by the independent appraiser, then you may have to use some of the proceeds to make the necessary repairs. But if your home is well maintained, this won't apply to you. The other requirement we have is that any liens, such as an existing mortgage, against your home are paid off. Once this is done, your money is yours to use however you wish. Just make sure you keep up with paying your home insurance and property taxes, and keep your home in a good state of repair. This tax-free money can be used any way you choose - for example, to buy a new car, to travel and see the world, to pay bills, to help a loved one, or to spend however you wish. The equity you release is your money, so use it how you want to and enjoy improving your quality of life.

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.