Can you get a reverse mortgage on your home while you still have a first mortgage?

Q: Can you get a reverse mortgage on your home while you are still paying on your mortgage? I am 80 years old.

A: Yes, you can. However, a portion of the proceeds from the reverse will be used to pay off that mortgage, so that the new mortgage lender will have priority. By taking the reverse mortgage, you can eliminate the need to make monthly payments which can significantly improve your cash-flow situation. Depending upon how much equity you have available in your home, though, you might not have a whole lot of new borrowing capability available to you. Read the article covering the basics of Reverse Mortgages, in the 'Recommended reading' section below to help start your education.