A reverse mortgage can give you a large amount of money, but you can’t spend it on just anything. That trip to Key Largo won’t make the list, but you can use a reverse mortgage to:
Eliminate monthly mortgage payments Consolidate debts Provide in-home care Fund projects or renovations on the home Purchase a new home with a home equity conversion mortgage (HECM)  Supplement income to allow other assets (like stocks) to grow Fund emergency accounts or boost savings  Protect home equity from declining home markets