For those who still have a first mortgage to pay, the money must first go towards paying off that debt. The rest of the money you are free to do with as you wish. There are absolutely no limitations for you. Many people use it for their everyday expenses, household maintenance, or vacations.

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.