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Old 02-06-2009, 02:03 PM
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limits on reverse mortgages

What is the name of your state (only U.S. law)? Pennsylvania

What are the spending limitations on a reverse mortgage? Can you use the funds to remodel your home?
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Old 02-06-2009, 02:19 PM
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Quote:
Originally Posted by bdonlen View Post
What is the name of your state (only U.S. law)? Pennsylvania

What are the spending limitations on a reverse mortgage? Can you use the funds to remodel your home?
**A: yes**************
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Old 02-06-2009, 02:47 PM
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I know on the HUD HECM, there are no limitations, you can use the money for whatever purpose you want. (Usually, these are loans of necessity and proceeds are spent on taxes/medical/home repairs/living expenses etc.)
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