Are there any limits on how I can use the funds from a Reverse Mortgage?
No. Borrowers have spent the funds from Reverse Mortgages for a variety of purposes. Among these have been to pay health care expenses, supplemental retirement income, home improvements, home modifications, higher education, gifts to others, and long term care insurance premiums. [...]

No. The flow of payments is reversed during the term of the reverse mortgage - the lending institution pays you. However, you are responsible for keeping up payments for your homeowner’s insurance and property taxes, and to maintain the condition of your home.
Please read the Reverse Mortgage Process for more information.

By Neil Irwin - Washington Post
Retirees on average are living on very low incomes – a median of $24,400 – but have significantly more money tied up in their homes than other low-income Americans.
For example, 75.8 percent of families headed by a retiree own their home, but only 24.6 percent have any debt on that [...]

The Republican Congress has given older Americans new and urgent reasons to consider a reverse mortgage on their valuable homes. They may need the money to finance a loved one’s long-term care because, chances are, Medicaid won’t help.
And that’s what the lawmakers had in mind.
With virtually every Democrat opposed, House Republicans, by a two-vote margin, [...]

Many older people are resorting to reverse mortgages, but because of high fees it’s best to wait until you really need the money. Like any mortgage, a reverser is a loan that uses the property as collateral. The difference is that the borrower doesn’t have to make monthly loan payments or have an income to [...]