Coincidentally i was recently looking into this.
I'd have to have someone confirm this, but from what i've read body hair growth reacts to testosterone/dihydrotestosterone during puberty and once you're out of puberty the hairs grown during that time generally are unaffected by changes in androgen levels for the most part.
Apparently, anti androgens / androgen receptor antagonists may help to stop more hair growing but because the previously grown hair is now unaffected by androgens for the most part, they wont do much to reduce what you already have.
That's what i know about internal medications such as spironolactone, which like i said will need confirming by someone as i can't remember where i found that info, but i don't know anything about topical spironolactone - I may just give it a go on one of my hairy fingers every day and see if there's any change after 6months - 1 year xD