Could I Have a Regular Mortgage and a Reverse Mortgage at the Same Time?
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As with most questions about mortgages in general and reverse mortgages in particular, this depends on your own specific situation. There are reverse mortgages available that people who already have an existing mortgage may be eligible for, providing that they have available equity in their home. The exact options available to you depend on the type of mortgage you have, how much you still owe, and how much your home is currently worth.

Fannie Mae, for instance, actually has a reverse mortgage that is intended for both borrowers looking to take advantage of the equity in their homes and those who are actually looking to purchase a home. This reverse mortgage allows a senior borrower to purchase their home and receive a reverse mortgage at the same time. Depending on your current mortgage situation, this might be one type of reverse mortgage to look into. This particularly reverse mortgage is known as Fannie Mae’s Home Keeper Mortgage.

If you happen to be a homeowner age 62 or older who owes only a small balance on your current mortgage and are living in your home, you are probably eligible to apply for the United States Department of Housing and Urban Development’s reverse mortgage option. Their program enables you to use the equity in your home to choose from a wide variety of payment plans even if you still owe some money on your initial mortgage.

The simple fact that you currently have an existing mortgage for your home does not make you ineligible for all reverse mortgages. The key is to educate yourself about the many reverse mortgage options available and then look for the best lender for your situation. You can begin your research by visiting sites such as the American Association of Retired Persons, the National Reverse Mortgage Lenders Association, Fannie Mae, and the United States Department of Housing and Urban Development. Next, you can talk with lenders who specialize in reverse mortgages. Most importantly, you should speak with one of the independent reverse mortgage counselors about what your best alternatives are.

There are many reverse mortgage products available today. With so many public and private companies offering these kinds of mortgages, there is bound to be one available to fit your needs. The best way to find out what you can qualify for is to do your homework and then ask questions of the experts.

It is definitely possible to find a reverse mortgage that will enable you to pay off or maintain your current mortgage. Of course the best option is to use the new reverse mortgage to pay off your existing debt and then have only one new lien on your home. This would enable you to remain as the actual owner of your home, and while your current debt may keep you from being able to take actual cash from your equity, imagine the relief you will feel if you no longer have to worry about your current mortgage payments.

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