It sounds to me as if your rotor is gone and needs to be replaced. To find out exactly, more information normally is needed. But getting hot is not good. If you also can hear increased noise and see electric sparks flying around at the commutator, accompagnied by a burnt smell, the rotor needs to be replaced. Seconday damage can also occur if you continue to run it in this state. Rotor replacement is usually a job for the professionals, but it can be done at home too. You will need the split drawings for the machine, as well as new rotor and a fresh set of carbon brushes would be well invested too. Ask you local delaer for a quote to find out if it is a economically sound replacement.
Good luck
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