HECM reverse mortgage in Florida and Colorado
Published:
The FHA-insured Home Equity Conversion Mortgage for homeowners age 62 and older. Simply Approved Mortgages is a mortgage broker, not a direct lender, and arranges residential mortgage loans only in Florida and Colorado.
Get your Reverse Mortgage Estimate Summary.
Complete the short estimate form and we send back a full HECM summary: your estimated principal limit, complimentary home value estimate, payoff of any existing mortgage, and estimated proceeds available to you.
- Complimentary home value estimate
- Estimated principal limit for your age
- Existing mortgage payoff included
- Lump sum, line of credit, or monthly options
Illustration only, generated from the information you enter. Not a loan estimate, pre-qualification, commitment to lend, or approval. Subject to HUD counseling, appraisal, credit and income review, and final lender approval. You remain responsible for property taxes, insurance, and home maintenance.
Estimate summary
- Home value estimate
- $412,000
- Youngest borrower age
- 72
- Estimated principal limit
- $219,400
- Existing mortgage payoff
- $68,000
- Estimated proceeds available
- $151,400
Simply Approved Mortgages • NMLS #2620881 • Equal Housing Opportunity
What is a HECM reverse mortgage?
The FHA-insured Home Equity Conversion Mortgage for homeowners age 62 and older. It is evaluated against the product's own eligibility, underwriting, property, lien, cost, and disclosure requirements.
What it is not: A second home, investment property, or a borrower who does not meet the HECM age, occupancy, property, and financial-assessment rules.
Benefits of a HECM reverse mortgage
A defined product comparison
Review the structure, available proceeds, lien position, costs, rate type, and ongoing obligations before choosing a path.
Local review in FL and CO
State and local pages add county recording, title, property-tax, insurance, property-condition, and market context without changing federal program rules.
Written figures before deciding
Any estimate depends on the complete application, documentation, appraisal, title review, lender underwriting, and applicable disclosures.
Educational alternatives
Compare the product with other published reverse mortgage structures and with alternatives that may fit a different objective.
Pros and cons
Pros
- Creates a focused way to compare one reverse mortgage structure across local markets
- Keeps federal program facts separate from local property and closing considerations
- Provides a path to county and city pages with location-specific context
- Allows a licensed-state review rather than implying nationwide residential availability
Cons
- Product terms, costs, and eligibility are not uniform across borrowers or lenders
- A location page cannot predict approval, proceeds, rates, appraisal results, or closing costs
- Homeowners remain responsible for taxes, insurance, maintenance, and other required charges
- A private product may not carry the same federal protections as a HECM
Your numbers plus the 2026 Reverse Mortgage Guide.
Request your estimate and we include the 21-page plain-English guide: who qualifies at 62+, what a HECM costs, payout options, ongoing obligations, and the questions to ask before you sign.
- 21-page guide, no jargon
- HUD/FHA program rules explained
- Costs and fees broken down
- Questions to ask any loan officer
Illustration only, generated from the information you enter. Not a loan estimate, pre-qualification, commitment to lend, or approval. Subject to HUD counseling, appraisal, credit and income review, and final lender approval. You remain responsible for property taxes, insurance, and home maintenance.
Estimate summary
- Home value estimate
- $412,000
- Youngest borrower age
- 72
- Estimated principal limit
- $219,400
- Existing mortgage payoff
- $68,000
- Estimated proceeds available
- $151,400
Simply Approved Mortgages • NMLS #2620881 • Equal Housing Opportunity
Illustrative HECM comparison
A Florida or Colorado homeowner can begin with the product overview, choose the correct state, then review the applicable county and city page. The local page adds sourced context; it does not replace counseling, an application, an appraisal, title work, lender underwriting, or the final closing disclosures.
All examples on this site are educational illustrations only. They are not offers, commitments to lend, rate locks, approvals, or guarantees of proceeds.
Illustrative example only. Actual figures depend on age, home value, current expected rate, and HUD lending limits at closing.
HECM reverse mortgage guides for Florida and Colorado
Start with the product overview, then choose a licensed state for local county and city detail. The location pages are not generic doorway pages: they explain how the same product interacts with local property types, taxes, recording, insurance, and market conditions.
Florida HECM guide
State-specific requirements, local costs, county guides, and every published city guide for this product.
Open the state hub →Colorado HECM guide
State-specific requirements, local costs, county guides, and every published city guide for this product.
Open the state hub →Compare the other published products
Keep learning about reverse mortgages
See your reverse mortgage numbers on paper.
A licensed Simply Approved Mortgages loan officer reviews your estimate with you — line by line — so you can compare a HECM against a HELOC, a refinance, or staying put.
- Side-by-side payout comparison
- Upfront and ongoing cost estimate
- HUD counseling walked through
- Answers to your heirs questions
Illustration only, generated from the information you enter. Not a loan estimate, pre-qualification, commitment to lend, or approval. Subject to HUD counseling, appraisal, credit and income review, and final lender approval. You remain responsible for property taxes, insurance, and home maintenance.
Estimate summary
- Home value estimate
- $412,000
- Youngest borrower age
- 72
- Estimated principal limit
- $219,400
- Existing mortgage payoff
- $68,000
- Estimated proceeds available
- $151,400
Simply Approved Mortgages • NMLS #2620881 • Equal Housing Opportunity
HECM reverse mortgage FAQ
- What is a HECM reverse mortgage?
- The FHA-insured Home Equity Conversion Mortgage for homeowners age 62 and older. The product is subject to borrower, property, lender, program, and state requirements.
- Who may benefit from a HECM reverse mortgage?
- Homeowners 62+ who want the federal HECM structure, mandatory HUD-approved counseling, and a choice of payment plans.
- Who should not assume a HECM reverse mortgage is right?
- A second home, investment property, or a borrower who does not meet the HECM age, occupancy, property, and financial-assessment rules.
- Is the HECM reverse mortgage path available nationwide?
- This site presents residential transaction paths only for Florida and Colorado. Other state content is informational and does not represent residential availability here.
- Does a HECM reverse mortgage guarantee approval or proceeds?
- No. Estimates and examples are educational. Approval and proceeds depend on the complete application, documentation, appraisal, title review, lender underwriting, product terms, and required disclosures.
- What ongoing obligations remain with a HECM reverse mortgage?
- Homeowners must continue to occupy the home as required, pay property taxes and insurance, maintain the property, and pay any association dues or other required charges.
- Should I compare HECM reverse mortgage with another option?
- Yes. Comparing a HECM, proprietary option, refinance, line-of-credit structure, or another alternative may reveal different protections, costs, proceeds, and obligations.
- Where are the HECM reverse mortgage local guides?
- Choose Florida or Colorado below, then open the county and city guide for local property, recording, tax, insurance, and housing context.
- What is needed for a final HECM reverse mortgage estimate?
- A meaningful lender-reviewed estimate requires the information and documents needed for the complete application, plus appraisal, title, underwriting, and product disclosures.
- Is Simply Approved Mortgages a direct lender for HECM reverse mortgage?
- No. Simply Approved Mortgages LLC is a mortgage broker and not a direct lender. It arranges residential mortgage loans in Florida and Colorado subject to lender underwriting and approval.
More HECM resources
- What is a reverse mortgage?
Plain-English overview of how a HECM works and who it fits.
- HECM (FHA reverse mortgage)
The federally-insured reverse mortgage program for homeowners 62+.
- HECM eligibility (age 62+)
Age, occupancy, property, and financial requirements.
- How a reverse mortgage works
Step-by-step from counseling through closing and payout.
- Reverse mortgage rates
How HECM interest rates and margins are set.
- Reverse mortgage calculator
Estimate proceeds in about 60 seconds.
References & sources
Every statistic, program rule, and regulatory claim on this page is sourced from the primary U.S. government agencies and industry bodies listed below. We never source program facts from competing brokers, blogs, or unverified secondary sources.
- HUD — HECM Program
- HUD — FHA Mortgage Limits
- HUD — Find a HECM Counselor
- CFPB — Reverse Mortgages
- NMLS Consumer Access
- NRMLA — National Reverse Mortgage Lenders Association
Source links are maintained by Simply Approved Mortgages and verified periodically. Federal program rules can change — always confirm current-year specifics with HUD, the CFPB, or a HUD-approved counselor before acting on any information on this page.
Estimate what you could qualify for in about a minute
Enter a few details about your age, home, and goals. We'll show you an estimated HECM benefit, a complimentary home value estimate, and connect you with a Simply Approved Mortgages reverse mortgage loan officer.
Related reverse mortgage articles, rate updates & HECM guides
New reverse mortgage articles are publishing soon. In the meantime, browse upcoming categories:
Documents required for a reverse mortgage
When you apply for a HECM reverse mortgage, your lender will request documents that verify your identity, property ownership, income, and assets. Gathering these in advance can speed up your estimate and application.
- Government-issued photo ID
Current driver’s license, passport, or state-issued ID.
- Social Security number verification
Social Security card or award letter showing your SSN.
- Current mortgage statement
Most recent statement if refinancing; purchase agreement if buying.
- Homeowner’s insurance declarations page
Shows current coverage, premium, and mortgagee clause.
- Property tax statement or receipt
Latest county tax bill showing taxes are current or payment history.
- Bank statements
Last 1-2 months to verify closing funds and residual reserves.
- Investment or retirement accounts
Recent statements for IRA, 401(k), brokerage, or other liquid assets.
- HOA or condo information
Homeowners association statement or condo questionnaire if applicable.
- Trust or title vesting documents
Required when the home is held in a living trust or entity.
- Flood insurance declaration
Current policy if the property is in a flood zone.
- HUD-approved counseling certificate
Required before loan application. Obtained from a HUD-approved reverse mortgage counselor.
Why we pull credit for your reverse mortgage pre-approval
HUD requires a Financial Assessment for every HECM reverse mortgage, including a review of your credit history and record of paying property taxes and homeowners insurance. As part of our standard broker/lender pre-approval process, we typically order a tri-merge credit report through a HUD-approved credit vendor to verify identity, review obligations, and confirm that you can continue paying property taxes, homeowners insurance, and maintenance after closing. Whether a tri-merge is required, and any fees, are set by the wholesale lender and credit vendor — not by HUD as a stand-alone rule.
Pay for your credit report — SmartPay
Simply Approved Mortgages uses SmartPay to securely collect the credit report fee for your reverse mortgage pre-approval. Payment goes directly to the credit vendor — not to us — and unlocks a tri-merge credit report (Equifax, Experian, TransUnion) that your loan officer uses to complete the broker/lender pre-approval file for HUD's Financial Assessment.
- Secure, PCI-compliant checkout hosted by SmartPay
- Standard step in our broker/lender pre-approval process (not a HUD stand-alone requirement)
- Optional — you can decline; your loan officer will explain any impact on your options
You'll be redirected to cic.cra.xedalink.net (SmartPay).
Check your credit first — $1 trial at MyITINCredit
Before you apply, it's smart to know exactly where your credit stands. MyITINCredit offers a $1 trial for 15 days that includes all three credit reports and scores (Equifax, Experian, TransUnion), plus ongoing credit monitoring so you can catch errors, dispute inaccuracies, and watch for identity theft.
- See all 3 bureau reports & scores before your lender does
- Ongoing monitoring alerts you to new accounts or score changes
- Fix errors early — cleaner credit can widen your reverse mortgage options
You'll be redirected to myitincredit.com. Third-party service — terms apply.
Credit report fees are paid directly to the credit vendor. Simply Approved Mortgages (NMLS #2620881) does not receive compensation from these credit services. MyITINCredit is an independent third-party service; pricing, terms, and features are set by that provider.
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Ready to See Your Reverse Mortgage Numbers?
Get your personalized HECM estimate from a Simply Approved Mortgages licensed loan officer, or run the numbers yourself with our calculator — free and with no obligation.