Some individuals ask if they can get a reverse mortgage, then continue to make payments on their existing mortgage.The answer is no.Reverse mortgage lenders will not permit this to occur.This, in essence, would amount to a second mortgage. Remember, a reverse mortgage is a loan. It is a loan which does not come due until death or permanent move, but it is a loan nevertheless. It is not free cash. If it were free cash, you rightly wouldn’t trust it anyway. Therefore, the current mortgage must be satisfied in full at the time you get a reverse mortgage. And a reminder, reverse mortgages are only for individuals 62 years of age and older.
Reverse mortgage lenders will facilitate this process for you. Furthermore, the right reverse mortgage lender will be able teach you what you don’t quite understand, as well as make sure you are comfortable with your decisions the entire way through the process. These individuals are not all the same. Make sure your reverse mortgage lender is reputable, has a great deal of experience, and works with a good company. Many are new to the industry. It is probably best to let them learn on another client. Stick with experience. Find a reverse mortgage lender at www.reversemortgagepage.com.

The reverse mortgage business is highly regulated. The fees between lenders do not vary nearly as much as they do in the traditional mortgage marketplace. Reverse mortgage lenders, therefore, compete on service, knowledge, and experience. One of the marks of a good reverse mortgage lender is the ability to make you understand and help you feel comfortable in your decisions. Investigate your options. A good place to start is the reverse mortgage page. Being an elder should have its advantages.