No. People who still owe a lot of money on their existing mortgage may not have sufficient equity to pay off their current mortgage with a reverse mortgage. In such a situation, a reverse mortgage may not be a viable solution for your cash needs. If you want to sell your home while having a reverse mortgage, perhaps to downsize or move into a retirement home, you should keep in mind that your equity will likely be lower due to the interest and fees added to the loan. That said, there is a chance that the value of your home may have risen over time, allowing you to gain back some equity. Once you sell your home, you will have to repay the loan in full, leaving you with an amount equivalent to the current equity of your home.