Generally, no; reverse mortgage loan proceeds can be used as disposable cash to pay for any number of things, such as travel, leisure, home renovation, health care, outstanding loans, and more. However, you may be required to set aside funds from your proceeds in order to cover required property repairs, taxes, and insurance. You will also be required to pay off any existing mortgages and loan fees at the time of close. In most cases, closing costs are capped and may be financed as part of the reverse mortgage.