Old web application support through F5 LTM

            We have an old application, that uses HTTP (port 80) to make requests to a web service over the internet. We want these calls to use HTTPS (port 443). The web service endpoint only supports TLS 1.2 while the old application cannot support anything newer than TLS 1. So I am checking to see if we can make the call from the old application to the internal F5(LTM) then to the web service in order to support the encrypted traffic.  This way the F5 can manage the TLS1.2 termination. is this possible?

As is: Old app (HTTP) ----> Fire Wall ----> web service

Proposed: Old app (HTTPs/TLS 1) ----> internal F5 (HTTPs/TLS 1.2) ----> Fire Wall ----> web Service