X

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.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: We just sold our house. When do we have to pay the IRS?
JAN 20, 2021
A:

Capital gains taxes as they apply to your principal residence can be found in IRS Publication 523.

Read More
Q: How do I find out who owns my mortgage?
MAR 15, 2021
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

Read More
Q: Does mortgage insurance assist the survivors of a deceased policy holder?
JAN 20, 2021
A:

Credit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen