Reverse mortgage laws are regulations put in place to protect borrowers who are considering or have taken out a reverse mortgage. These laws outline the rights and responsibilities of both the borrower and the lender in a reverse mortgage transaction.

Reverse mortgage laws typically require lenders to provide borrowers with important information about the loan terms, fees, and potential risks. They also often mandate counseling for borrowers to ensure they understand the implications of a reverse mortgage.

Reverse mortgage laws do not typically restrict how borrowers can use the funds they receive from a reverse mortgage. However, it is important for borrowers to make informed decisions about how they use the funds to ensure they meet their financial needs.

If borrowers believe their rights have been violated in a reverse mortgage transaction, they may have legal recourse available to them. They can file a complaint with the Consumer Financial Protection Bureau or seek legal advice to explore their options for recourse.