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Are there any restrictions on how I can spend the money from a Reverse Mortgage Loan?

Writer's picture: Nichole FoxNichole Fox

There are virtually no restrictions on how you can spend the money. The proceeds from a reverse mortgage may be used to consolidate debt, help kids, make ends meet, or simply saved as a financial reserve for a rainy day. However, you should be cautious of any lender trying to cross-sell additional products.

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