Refinance your current home
StayEligible HECM proceeds can repay existing mortgage liens first, then support an approved advance or credit-line plan. If proceeds are insufficient, cash may be needed to close.
Reverse Mortgages
Understand how a reverse mortgage works, including homeowner responsibilities, costs and future repayment.
Consider the fit before the funds
A reverse mortgage may help eligible older homeowners access equity. A Home Equity Conversion Mortgage has age, property, counseling and financial requirements. Compare the available structure with other ways to use equity and with the goal of staying in or changing homes.
Reverse mortgage: stay in your home or buy your next one
HECM for Purchase
MoveCombine eligible reverse-mortgage proceeds with your own permitted cash contribution to purchase a new primary residence. It is not a zero-down purchase.
Keep the obligations in view
PlanNo required monthly principal-and-interest payment does not remove taxes, insurance, maintenance, association charges or occupancy requirements.
HECM borrowers must generally be at least 62. A younger eligible non-borrowing spouse may have protections under specific HUD rules; that spouse is not automatically a borrower. Counseling with a HUD-approved reverse-mortgage counselor and a financial assessment are required. HUD explains HECM purchase and refinance planning.
Smart home financing starts with strategy
Buying or refinancing? We compare options across our network of 150+ wholesale lenders, explain the trade-offs, and build a plan around your goals. Start with a pre-approval video conversation so you know what to expect before moving forward.
HECM terms and payout choices
| Term or option | What it means |
|---|---|
| Principal limit | The starting borrowing limit based on applicable home-value limits, expected rate and age of the youngest borrower or eligible non-borrowing spouse. It is not the same as cash available at closing. |
| LESA | A life-expectancy set-aside may reserve proceeds for property charges after the financial assessment. It reduces funds available for other uses. |
| TALC | Total Annual Loan Cost disclosures help compare projected costs across time and assumptions. |
| Line of credit | Eligible adjustable-rate HECMs can offer unused borrowing capacity that grows under the agreement. This is credit availability—not interest earned on cash. |
| Monthly advances / lump sum | Term, tenure or combinations may be available with the chosen structure. Fixed-rate HECMs generally use a single-disbursement structure and disbursement limits apply. |
| Non-recourse protections | HECM protections limit repayment exposure under the applicable settlement rules. Heirs who keep the home generally repay the lesser of the debt or 95% of appraised value; discuss exact options before relying on them. |
Interest and charges added to the balance can reduce remaining equity. A sale, death of the last borrower or failure to meet occupancy/property-charge obligations can trigger repayment, with specific spouse protections and deferral rules. Include family and estate goals in the conversation.
Estimate the purchase or refinance funding picture
HECM purchase / refinance planning calculator
See how age, an assumed expected rate and property value affect the initial principal limit. Then compare the funds with payoffs and costs. This is an educational estimate using HUD’s published factor table—not a reverse-mortgage offer.
HUD principal-limit factors shown on its current HECM page, effective for case numbers on/after October 2, 2017; 2026 maximum claim amount $1,249,125. Rate entries use 0.125-point increments. Borrowers must generally be at least 62; entering a younger spouse’s age does not establish that spouse’s eligibility. Model includes an illustrative 2% upfront MIP for a new HECM, entered costs and set-asides. It does not apply a prior-HECM refinance MIP credit, servicing set-aside, appraisal adjustments, actual financial assessment or first-year disbursement restrictions. Net proceeds are a budgeting estimate of total potential capacity, not cash available at closing. Purchase closing funds/eligible contributions require review. Loan balance can grow, property obligations continue and credit terms can change.
HUD factor tables and current HECM limits · Request a personalized reverse-mortgage comparison.
Want a copy of the results?
Run your calculator scenario above, then request a copy of the illustrative results.
Reverse mortgage: compare access and obligations
What is a reverse mortgage / HECM?
A Home Equity Conversion Mortgage is an FHA-insured reverse mortgage, generally available to qualified homeowners age 62 and older. It converts eligible home equity into available funds without required monthly principal-and-interest payments.
You must continue to live in the home as required, pay property taxes and insurance, maintain the property and meet the loan terms. Interest and fees increase the balance over time. Our team will explain costs, counseling, alternatives and the effect on your equity before you decide.
How HECM funds and repayment work
Depending on the loan structure, funds may be available through a line of credit, monthly advances, a lump sum or a permitted combination. Age, rates, property value and existing liens affect the amount available.
The balance generally becomes due when the last borrower no longer occupies the home as required, sells it or dies, or when other loan obligations are not met. Eligible non-borrowing-spouse protections are conditional. HECMs are non-recourse: the property generally secures repayment, with FHA insurance addressing applicable shortfalls under the program rules.
A HECM for Purchase may help finance an eligible new primary residence, but requires a substantial borrower contribution and continued property-cost payments. We can compare that approach with keeping or selling your current home.
Why Consider a HECM loan?
Getting a reverse mortgage is a big step that needs to be carefully evaluated. However, there are many advantages:
- No required monthly principal-and-interest payments; property costs and other obligations continue.
- Non-recourse protections apply under HECM rules.
- Leverage crucial retirement income
- Strategically plan for social security income
- No limitations on how the funds are used
- No prepayment penalty
- Can be used with a current primary residence or the purchase of a new home
Typically those who benefit the most from a Reverse Mortgage are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
Reverse mortgage advances are loan proceeds rather than earned income; ask your tax advisor about your individual situation.
This income option for seniors can provide a steady, reliable stream of income during retirement.
Unlock your home equity! Contact us today for more information and a free, no-obligation consultation.
How to Qualify for a HECM
Age 62 or older is one HECM requirement, not a guarantee of eligibility. There are additional conditions to be able to qualify:
- Own the property outright or have considerable equity
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Participate in a consumer information session from a HUD-approved counselor
Protections and responsibilities
HUD-approved counseling is required for a HECM. FHA insurance and non-recourse provisions provide important protections, but continued occupancy, maintenance, taxes and insurance remain your responsibility.
Eligible heirs generally may keep the property by paying the required balance or, under applicable HECM rules, 95% of its appraised value when that is less. Eligible non-borrowing spouses may qualify for a deferral period if the rules are met. Our team can explain the loan terms, and your estate or tax advisor can review their effects on your wider plan.
More detail for your financing plan
Understanding the benefits of a Reverse Mortgage can significantly impact your retirement planning. A Reverse Mortgage provides seniors with the opportunity to access their home equity without the need for monthly payments. This financial tool can be essential for those looking to enhance their cash flow during retirement. By opting for a Reverse Mortgage, homeowners can enjoy a more comfortable lifestyle while remaining in their homes. It is important to consult with a financial advisor to see if a Reverse Mortgage is the right choice for your specific situation.
Considering a Reverse Mortgage can be a beneficial option for many seniors. A Reverse Mortgage allows homeowners to convert their home equity into cash, providing financial flexibility. In Denver, CO, there are various Reverse Mortgage options tailored for your needs. Exploring a Reverse Mortgage could help you achieve your financial goals during retirement. Understanding how a Reverse Mortgage works is crucial for making an informed decision. Consult with one of our Reverse Mortgage specialists to find the best plan for your situation. Many seniors have successfully utilized a Reverse Mortgage to enhance their quality of life.
Remain an owner
You retain ownership subject to the loan obligations. Start your financing plan →
Maintain the property
Taxes, insurance, maintenance and occupancy still matter. Start your financing plan →
Plan for the household
Discuss spouse protections, heirs and future living arrangements. Start your financing plan →
HECM purchase and refinance
An FHA-insured Home Equity Conversion Mortgage can be considered by eligible homeowners age 62 or older. A HECM for Purchase can help finance an eligible primary home with a substantial down payment. Counseling through a HUD-approved agency is part of the process.
No required monthly principal-and-interest payment is not no housing cost
You must meet tax, insurance, maintenance and occupancy obligations. Interest and charges generally increase the balance when they are not paid. Discuss when the loan becomes due, the treatment of an eligible non-borrowing spouse and the options available to heirs.
A reverse mortgage can affect assets and certain needs-based benefits. Review your situation with qualified legal, tax or benefit professionals. Avoid assuming all proceeds are appropriate for every retirement plan.
The right loan begins with your goals
Tell us how you plan to use the home, what monthly payment feels comfortable and how long you expect to keep the financing. We compare options across lenders, explain the costs and help you choose a strategy with a clear next step.
Our pre-approval video call gives you time to ask questions, understand the trade-offs and coordinate your financing before an offer or refinance decision.
Homeowner obligations continue
You must meet the loan’s occupancy requirements and keep up with property taxes, homeowners insurance and maintenance. Failure to meet obligations can cause the loan to become due. Interest and fees can increase the balance over time.
Plan for the future
Discuss what happens when the last borrower leaves the home, sells or dies, and how eligible non-borrowing spouses or heirs may be affected. A HECM is nonrecourse subject to its rules; the growing balance can exceed the home’s value. Ask for an individual explanation of repayment and protections.
Explore Mortgage Calculators
Compare purchase, refinance and affordability scenarios, then let our team help turn the estimate into a financing plan.
Questions worth asking
Yes. Homeowner obligations continue, along with maintenance and applicable occupancy requirements.
No. Interest, fees and advances can increase the balance, while payments can reduce it.
It can help to discuss future housing and estate plans with family and appropriate legal or financial advisers.
HECM generally requires an eligible homeowner age 62 or older, sufficient equity, a qualifying property and completion of required counseling and financial assessment. Other reverse products have different rules. Our team will explain which path may fit your circumstances.
A reverse mortgage generally becomes due when applicable repayment events occur. Review the exact loan terms, co-borrower or spouse protections and estate plans. We can explain the financing considerations before you commit.
More resources for your financing decision
Explore these related guides and resources from your original loan page.
What our clients say
Reviews from Google44 client reviews
Paul and his team helped me with a very complicated transaction for a cash out mortgage. I would highly recommend him.
Paul was great. He helped us understand our loan better and put our needs first. I’d strongly recommend his services. Throughout our home buying process, Paul Cederholm demonstrated the highest level of professionalism throughout our home loan process, an amazing ability to explain complex mortgage terms in simple language and a willingness to work evenings and weekends to meet our closing deadline. We got our home purchase loan in Chicago thanks to Paul Cederholm. I would absolutely recommend Paul Cederholm for your home loan because I would recommend Paul. You can trust him and he is very informative. We can't recommend Paul Cederholm enough for your home financing needs.
My overall experience working with Paul was fantastic! All his help made the whole process seem easy. Throughout our home buying process, Paul Cederholm demonstrated a talent for making the mortgage process seamless and stress-free, truly professional lending services that exceeded our expectations and a knack for shopping rates and locking in an amazing deal for us. He is humble and easy-going, which made us feel at ease. I would absolutely recommend Paul Cederholm for your home loan because paul is a truly amazing advisor: el mejor! Without his help, our dream of owning our first home would not have been possible. After our introductory call ended, my husband and I looked at each other and said, "He is the one!" We were absolutely right.
Paul exceeded our expectations by offering excellent advice and answering our questions before we even had to ask them (mind reader!). Paul always had our best interests at heart, and his dedication and passion showed in every conversation. We are thankful to have worked with someone trustworthy and honest; someone who went above and beyond for us.
Thank you, Paul, for taking all of our doubts and worries away.
Thank you for cheering us on!
We absolutely recommend you and your team to anyone looking for the best mortgage advisor. We can't recommend Paul Cederholm enough for your home financing needs.
Exceptional experience with Paul and his team! We knew we wanted to work with Paul not long into our introductory call. He put us at ease as he explained all the details of what it would take to get into our first home. Numbers are scary when it comes to such a large purchase, but he walked us through the documents in a way that was easy to comprehend. He made sure we understood the information and answered all the questions we had before proceeding to the next task. He was always available for a call, through text, and email. Never once did we feel uncomfortable or like we were not being heard and understood. We got the best rate available to us based on our information and also helped us get a rate buy-down! Thank you, Paul and your team, for everything you did. We look forward to working with you again should the time come to refinance or get into a different home. Paul Cederholm brought impressive expertise across mortgage products that helped us find the perfect fit, incredible dedication to finding us the best mortgage rate and a willingness to work evenings and weekends to meet our closing deadline. I'd tell anyone looking for a home loan to call Paul Cederholm — highly recommend Paul and his team as we felt comfortable, understood, and empowered throughout the entire process!. I would highly recommend Paul Cederholm — truly an exceptional mortgage professional.
(Translated by Google) Excellent service from Cederholm.
(Original)
Excelente atendimento de Cederholm.
Working with Paul and his team was an absolute dream! We had a particularly complex transaction, Paul made navigating feel easy and less stressful.
Paul and his team were absolutely amazing! Insanely fast response time to any question I had and amazing explanations throughout the whole process. I can’t imagine using another broker ever again!
If you are looking for a mortgage broker for your next home purchase, I highly recommend Paul Cederholm and his team at Cederholm Mortgage Advisors 🏡.
Paul helped me plan the financing for my new home, and I am so grateful for his guidance throughout the process. At the beginning, I felt nervous because the home buying process can feel very intimidating. With Paul’s care, patience, and expertise, I grew into a confident home buyer by the time we reached closing 🌿.
Paul was always available to answer my questions and explained everything in a clear, supportive, and non-intimidating way. He stayed one step ahead throughout the loan process and helped ensure my loan approval moved along quickly and smoothly.
Paul also has a wonderful team. Their attention to detail and clear communication helped me feel supported and never overwhelmed during the process 🌸.
I truly loved working with Paul. He was wonderful to have by my side during such an important step in my life. If you are looking for a knowledgeable and caring mortgage advisor who will guide you every step of the way, I wholeheartedly recommend Paul Cederholm and his team.
Buying my first house was an exceptional experience because Paul was tremendously helpful, and communicative. I can’t thank him and his team enough and highly recommend!!!
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Recently I had the pleasure of working with Paul and I can confidently say that my experience was nothing short of exceptional.
Trust is a crucial element when it comes to financial decisions, He took the time to understand my unique needs and goals, ensuring that every step of the process was transparent and tailored specifically to me. I never felt rushed or pressured; instead, I felt supported and empowered to make informed choices. Whether it was providing insights into market trends or introducing me to other professionals who could assist with my financial journey, Paul went above and beyond to ensure I had access to the best tools and information available.
I can say that Paul genuinely cares about his clients and strives to build lasting relationships. I can't recommend him enough for anyone looking for a mortgage broker who feels like family, fosters trust, and provides invaluable resources. Thank you, Paul, for making this experience so positive and rewarding!
We started the process in June and closed in November because we were indecisive and Paul was patient, he heard our request and never pushed us to buy until we were comfortable with our purchase. Luckily, he waited on us and we closed on the perfect home. We loved his 24/7 availability for us even on his vacation days. Thanks for an amazing work !
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You and your team were very helpful throughout the entire process! I could always rely on you to help answer questions and be available at all times. I would highly recommend!
Paul was amazing to work with! Unbelievable response times and guided us through every step of the process.
Paul was great to work with - so friendly, understanding and helpful! We felt very cared for throughout the process and he never made us feel like we were bothering him with our questions. He was always upfront and honest and we are so grateful for his help!
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We bought an amazing Condo in the heart of DTC. Paul was very helpful and made us, first home buyers, feel very confident in the process of buying a home. I would highly recommend!
Paul went above and beyond to get all the numbers to work for us. He was available for questions at any time, even at the most unusual times. He consistently would give us updates and let us know that everything was going well or immediately would call us if there are any issues. The whole process went incredibly smoothly and made the home buying process super easy!
Thank you Mr Paul, you were truly amazing and on top of everything! Love your proactive approach in covering all anticipated requests ahead of putting into UW. Your professionalism and high level expertise truly shines thru and I’m so glad we connected through the grapevines. Can’t thank you enough and look forward to doing this again!
My wife and I worked with Paul when purchasing our first and second home. He was recommended to us from a trusted friend so we decided to go with him when trying to find the best loan for us. Going into it, we had no idea what we were doing but Paul was extremely attentive, did a great job explaining the details, and I felt like he always put our needs first. It was a pleasure working with Paul and we will definitely be working with Paul again in the future!
Was a great experience working with Edge to get into our first home. Everything was made easy and clear for us to understand
Paul was excellent! He communicated all of our options and so we can make the best decision possible! He kept us informed the entire time as to where we were in the process so we were able to have a smooth and efficient closing!
Working with Paul and his team was amazing! Paul was straight to the point, gave us guidelines on what to and not to do, made us feel comfortable buying a home, and made it a very simple process. We will forever work with Paul and continue to recommend him to everyone we know!
Paul was absolutely amazing to work with. He kept us in the loop through EVERY step of the home mortgage process. He took the extra time to explain things we didn’t understand, and also had all of our best interests in mind. I truly felt like we were in the best hands possible when it comes to a big financial decision! We can’t thank you enough!!!
Paul was incredible! He made my first-time home buying experience way easier than I had expected. He was incredibly knowledgable and more than willing to explain anything I wasn't sure of. He was super helpful throughout and made the whole process go smoother than I thought was possible.
Paul is amazing! I would highly recommend working with him. He is so responsive and truly cares about each and every client. There are no questions left unanswered when working with Paul and he makes the home buying process easy peasy.
Working with Paul was an incredible experience. I was the listing agent for Sellers and he was the lender for the Buyer. He promised a smooth transaction up from and that’s exactly what we received. He met every deadline, early in fact, and was on the ball with keeping us updated every step of the way. His communication and correspondence was spot on. Thank you, Paul, for such a great experience and a smooth transaction!
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Hands down the easiest financial process I have ever been through. I refinanced my home loan with Paul and his team and I just sat back and relaxed while they did their thing. It was a quick and seamless process. I can’t thank Paul enough for his advice and expertise. Paul’s personal attention and his availability throughout the process always made me feel like I was his only client. Top notch service! I highly recommend Paul and his team.
Great team and service. Answered all of our questions and made sure we understood the refinance process. 10/10 recommend!
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Paul was wonderful to work with during our home-buying experience! He was very professional, personable and patient as we worked thru the various scenarios available to us, and was true to his word when he said it was his number 1 goal to ensure we were left in a better situation than when he'd come to us. Thanks to Paul's efforts and diligence, we got precisely the outcome we were looking for, and couldn't be happier!
I highly recommend Paul and his team. They worked their way and explained each step to me and what was expected of me to be quick and efficient. Thank you for a great experience.
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Paul is a great lender he made the process painless and was very informative. He helped get our credit up and rate down so we could get the best situation for our house purchase.
I recommend Paul for any financing you may need!
Paul has been one of the easiest Lenders to work with. Super honest businessman and extremely knowledgeable. I will continue to do business with him. He is a great and trustworthy lender!
Paul is straight up a rockstar. If you have a deal that a lender said can’t be done, or they don’t know how to fix. Paul has the answers and can get the job done. Very creative when it comes to helping structure his clients Loans and giving the advice to get the deal closed. He is an amazing lender partner.
Paul was extremely helpful with the refinance process. He kept us in the loop during the entire process and when the original plan fell through, he was able to work a new plan that turned out better than the original. Thanks Paul!
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Plan your next move
Bring your goals and a property address if you have one. Paul Cederholm, mortgage expert and real estate financing strategist, can help you compare the financing choices and plan your next step.
Ready to begin? Start your loan application. Prefer a direct conversation? Call 303-931-6798.
*Information, scenarios, and calculations are for educational and illustrative purposes only—not a loan offer, a commitment to lend, a rate quote or an approval. Programs, costs and qualification requirements depend on the borrower, property, selected lender and current guidelines. Examples are not guaranteed results. Our team can review the details for your situation.
*Information, scenarios, and calculations are for educational and illustrative purposes only—not a loan offer, a commitment to lend, a rate quote or an approval. Programs, costs and qualification requirements depend on the borrower, property, selected lender and current guidelines. Examples are not guaranteed results. Our team can review the details for your situation. These tools do not replace a Loan Estimate, an underwriting decision, or legal or tax advice. Check all figures before relying on them; Cederholm Mortgage Advisors does not warrant the accuracy or completeness of estimates and, to the extent permitted by law, is not responsible for losses arising from reliance on these tools. This notice does not waive rights that cannot legally be waived.