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Can a reverse mortgage be taken out if there is already a mortgage on my home?

by steve_rubino from Denver, Colorado. Oct 26th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

Yes but it depends on the equity position, age of the home owners, value, etc.. but it can be done... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 26th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

It certainly can provided there is sufficient equity in the home to do so and pay of the existing debt. I've seen some pretty pissed off children when they've discovered that their parents did a reverse mortgage on their home so make sure you discuss with your family what your plans are...if you care about that sort of thing of course ;)

Oct 26th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Yes. Having an existing mortgage on your property does not exclude you from obtaining a reverse mortgage. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Oct 28th 2012
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

yes, but the reverse mortgage will first pay off the current mortgage.

Oct 26th 2012
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Michelle Oddo (MichelleOddo)
#35 ranked lender in Colorado - 1 contribution

Hi Steve, You can obtain a reverse mortgage and pay off the exisiting mortgage currently on the property, as long as there is enough equity in the home to qualify for a loan amount sufficient to payoff the current mortgage and customary closing costs.

Oct 26th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

Yes, as long as there is enough equity.

Oct 26th 2012
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Mark Schmidt (markallenschmidt)
#47 ranked lender in Colorado - 21 contributions

Steve, yes you can. One of the main reasons people take out a Reverse Mortgage is to convert an existing mortgage into a no payment Reverse Mortgage. It's always wise to find out your options. All I do is Reverse Mortgages. Mark Schmidt. 720-206-4539

Oct 26th 2012
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Mark Schmidt (markallenschmidt)
#47 ranked lender in Colorado - 21 contributions

Steve, yes you can get a Reverae with a current Mortgage. That is the main reason people take out reverses; to get rid of their monthly payments. Reverse Mortgages are all I do. If you would like to learn more please give me a call. Mark Schmidt 720-206-4539

Oct 26th 2012
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