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If you're considering an ARM, you'll want to check out HSH's comprehensive Guide to Adjustable Rate Mortgages.

If you're considering an ARM, you'll want to check out HSH's comprehensive Guide to Adjustable Rate Mortgages.

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.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: What is a mortgage insurance premium? Do I need this?
APR 07, 2022
A:

In general, this will be the cost you must pay for a policy which helps to protect your lender.

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Q: Will biweekly mortgage payments save me money?
MAR 23, 2022
A:

Making biweekly mortgage payments will cut your interest cost and shorten the term of your loan.

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Q: Is a reverse mortgage right for you?
FEB 14, 2022
A:

If you are considering a reverse mortgage (HECM), you should be sure you understand how these loans work and how one would fit in with your overall financial plan.

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