For Colorado homeowners 62 and older
Let your home help pay for the care that keeps you in it.
Most people want to grow older at home. The help that makes that possible is not covered by Medicare. For many homeowners, the money to pay for it is already in the house.
Someone to help with meals, with bathing, with getting to appointments. That help is what lets people stay in the home they built a life in. It is also the expense almost nobody plans for.
A reverse mortgage can turn part of your home’s equity into a fund for that care, without selling and without a required monthly mortgage payment. It also has real tradeoffs. Everything below explains both, plainly.
Your family is welcome at the table. Spouses, adult children, and your financial advisor are all part of this conversation.
What a reverse mortgage actually is
It is a loan for homeowners 62 and older, secured by the home, that pays you instead of the other way around. The most common kind is the Home Equity Conversion Mortgage (HECM), insured by the FHA.
You keep the title. You keep living in the home. There is no required monthly mortgage payment. The loan is repaid when the last borrower sells, passes away, or moves out for good.
What does not change: you still pay property taxes, homeowners insurance, any HOA dues, and upkeep. Those are the conditions of the loan, not suggestions.
Three numbers shape every answer
We call it APE. These decide how much of your equity is available.
What care at home actually costs
Paid help at home runs a median of $35 an hour, and Medicare does not cover it. What you spend depends on how many hours you need.
A year of care, side by side
CareScout 2025 Cost of Care Survey. In-home figures use the national median caregiver rate. Facility figures are Colorado medians.
Two ways the home can pay for it
The loan can be set up several ways. For care at home, these two matter most.
Planning ahead
A line of credit that waits
Open it before you need it. The unused part grows over time, at the same rate as the loan balance, so more can be available later. You draw only what you need, when help is needed.
When care is already weekly
Steady monthly payments
A set amount every month, for a fixed term or for as long as you live in the home. Useful when the care schedule and the cost are already predictable. Funds can also cover grab bars, a walk-in shower, or a ramp.
We will run both for you side by side. There is no version of this where you guess.
What you give up
The loan balance grows over time as interest, mortgage insurance, and fees accrue. That means less equity later. It is a real trade: equity in the future for help and independence now. Whether it is worth it is your decision, and a fair one to make as a family.
The questions families ask first
Why do reverse mortgages have a bad reputation?
Older versions had fewer protections, and some borrowers did not understand the obligations. Around 2013 and 2014, FHA and HUD reformed the program. Today every borrower goes through a financial assessment and independent HUD-approved counseling before the loan can close.
Can my spouse stay in the home?
Yes, when both spouses are borrowers. If one spouse is younger than 62, current rules let an eligible non-borrowing spouse stay in the home after the borrowing spouse passes away, as long as the conditions are met. This gets set up correctly at the start, which is one reason to have the conversation together.
What happens to the house for my kids?
When the loan comes due, your heirs can sell the home and keep whatever equity is left, or keep the home by paying off the loan. If the balance is more than the home is worth, they can keep it by paying 95 percent of the appraised value. Nobody owes more than the home is worth.
It may fit if
- The youngest borrower is 62 or older
- You want to stay in your home for the long run
- The home is your primary residence and has meaningful equity
- You can keep up with taxes, insurance, and upkeep
- You do not need your current mortgage paid off first
It may not fit if
You expect to move in the next few years, a move to full-time facility care is the likely next step, leaving the most possible equity to heirs is the top priority, or taxes and insurance are already a stretch. If that is you, we will say so.
Built for care at home
It pays for help at home. It does not follow you into a facility. If the last borrower lives away from the home for more than 12 months in a row, including in assisted living or a nursing home, the loan becomes due. If facility care is the likely next step, a different plan may serve you better.
Medicaid and SSI have their own rules. Loan proceeds are not income, but cash you hold past the month you receive it can count as an asset. Drawing from a line of credit as bills come due is usually cleaner than taking a lump sum. An elder-law attorney is the right person to confirm how this fits your benefits.
The house you spent decades paying for can pay for the help that lets you stay in it.
This is a conversation, not an application
Booking a consult does not start a loan. It does not pull your credit. It does not put you on a list that calls you for the next two years.
It is a conversation where we look at your home, your goals, and your family’s plans, run the real numbers, and tell you plainly if a different option would serve you better.
Bring your spouse, your kids, or your advisor. Ask anything. If the answer is not yet, that is a fine answer.
Three questions below, and they are not qualification questions. There are no wrong answers.
Or call us at 303-929-4700.
Reverse mortgage refers to the FHA-insured Home Equity Conversion Mortgage (HECM). Borrowers must be 62 or older, occupy the home as a primary residence, complete HUD-approved counseling, and continue to pay property taxes, homeowners insurance, and any HOA dues, and maintain the home. Failing to meet these obligations can cause the loan to become due, and the home may be subject to foreclosure. The loan balance grows over time as interest, mortgage insurance, and fees accrue. The loan becomes due when the last borrower sells, passes away, or no longer lives in the home as a principal residence, including an absence of more than 12 consecutive months due to physical or mental illness. Line of credit growth applies only to the unused portion and is not interest earned. Loan proceeds may affect Medicaid and SSI eligibility; consult an elder-law attorney or benefits specialist. Cost-of-care figures: CareScout 2025 Cost of Care Survey. All examples are illustrative. This material is not from HUD or FHA and was not approved by HUD or any government agency. This is not a commitment to lend.
