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Modular/Building Home on Mortgaged Property?

I'm not sure if anyone has any advice or if this is even the right sub for this, but here it goes...

We own just under 4 acres. The house & property are mortgaged. The house is very old (built in 1900) & needs a lot of renovation (electrical, plumbing, additional space). The house sits on 3/4 to 1 acre in the front of the property. There is a huge field behind the house that is wooded at the edges. We talked about renovation, building onto the house & putting an addition on it to add an extra bedroom & an office. Possibly even building up, though I hesitate to do that because we are 44 & 45 & don't want to deal with stairs as we age. My other thought was to put a modular or build a new home in the field behind the house, keeping our current house to live in while the construction was taking place. However, I don't have any idea how that would work with our mortgage company or even where to start. Has anyone done anything similar? My husband thinks it would cost less to add onto the house and renovate, but with everything we need to do (we literally still have knob & tube electricity in some parts!) I'm wondering if it would be more cost effective to start from scratch. I love the charm of our old house and would love to restore it to it's former glory, but I also want additional space for our kids to come back to with their families one day. Another thing to mention is that the previous owners did wonky stuff on their own, so basically the kitchen would also need to be gutted and redone, there's paneling over plaster & the list goes on & on. Any & all advice, experiences, suggestions or insights would be greatly appreciated!

submitted by /u/mamadramaqueen
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source https://www.reddit.com/r/RealEstate/comments/1xgcy1y/modularbuilding_home_on_mortgaged_property/
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