Can my client simultaneously payoff their current reverse mortgage and get a new one on the new home they are buying?

Depending on where the funds are coming from in order to pay off the old reverse mortgage, yes it can be done. FHA for the most part only allows one mortgage at a time. Contact me at 816-914-9685 CST or saradeere@openmortgage.com, if you need further details.

Again go back to the rules for FHA which allows one loan per borrower. There have been rare cases were two FHA mortgages have been allowed to be in place. For example a reverse mortgage is taken out as a refinance or their current home, and some of the proceeds have been used to pay off the FHA loan that is on a rental owned by the same borrower. Please contact me by phone or email provided in my previous reply to this question, if you have additional questions.