What can I use the money from the reverse mortgage for?

The money from the reverse mortgage can be used for anything you wish since it is your money. If you choose to take out the lump sum, please remember to keep enough money in your account to pay for property taxes, HOA and homeowners insurance every year or else your property could be foreclosed upon. Some of the negative press reverse mortgage loans have received in the past was because borrowers failed to pay for property taxes. They would take out the max allowed in equity and then spend all of that money and when property taxes came due, they were not able to pay the tax bill. Consider setting up a separate bank account where you stash away money that you will need for property taxes, home insurance and HOA fees that you do not touch for any reason.