Video — Can You Get A Reverse Mortgage With An Existing Mortgage?

You may qualify for a reverse mortgage even if you still owe on an existing mortgage on the home. If you take the loan, the reverse mortgage will take ‘first lien’ position, with priority claim on home equity. You may pay off an existing mortgage with the proceeds of a reverse mortgage; generally, all currently outstanding mortgages need to be paid off in full at the time the new reverse mortgage closes. Check the terms of an existing mortgage to understand any conditions related to early payoff.