Can You Get a Reverse Mortgage With an Existing Mortgage?
Yes — but the answer depends on which type of reverse mortgage you are considering. Here is what homeowners need to know about reverse mortgages and existing first mortgages.
A traditional HECM reverse mortgage typically pays off an existing first mortgage at closing. A second-lien reverse mortgage is a newer proprietary product designed to sit behind an existing first mortgage — potentially allowing eligible older homeowners to access equity while keeping their current first mortgage in place.
The right product depends on your age, equity, existing mortgage, interest rate, property, and financial goals. Not all homeowners will qualify.
NMLS Individual #1087365 · NMLS Company #1147207 · CA DRE #01265685
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Written by
Stephanie Pedley
Mortgage professional and real estate broker with 34+ years of experience in lending, underwriting, and loan strategy. Licensed in California, Colorado, Texas, and Ohio. NMLS Individual #1087365 · NMLS Company #1147207 · CA DRE #01265685.
