Yes it's possible, I've done it with 2 Cisco RV042.
In your VPN setup, for Security Gateway Type, chose Dynamic IP + Email address (USER FQDN) Authentication, for the router under the NAT.
Chose IP ONLY for the one with private IP address.
The router that is NATed will try to connect to the public IP one. When they connect, the dynamic will try to authenticate with the Email you have setup. See the Email address as a password. It can be anything, as long as you configure the same one in both routers.
Other things to mention, in the Advance+ setup, you need to select:
- Agressive mode
- NAT traversal
I suggest selecting also:
- Keep-Alive
- Dead Peer Detection Interval
Good luck and have anice day