Durango Reverse Mortgage — Let Your Equity Take Care of You
Durango homeowners 55+ can access their home equity with no monthly mortgage payments. Stay in your home. Keep your title. Use the funds however you choose. Property taxes, homeowners insurance, and home maintenance remain your responsibility.
Could a Reverse Mortgage Work for You?
3 quick questions. See your recommended program instantly.
No credit impact · No obligation · Adult children welcome
This is a preliminary estimate for educational purposes only. Your actual eligibility and accessible equity depend on your age, property type, current interest rates, and program-specific factors. Bobby runs your complete numbers — no cost, no obligation.
*No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and maintain the home. Failure to meet these obligations may result in loan default.
Let's Clear the Air About Reverse Mortgages in Durango
If you're reading this page, you've probably heard something negative about reverse mortgages. Maybe a neighbor told you “they take your house.” Maybe you saw a confusing TV commercial. Maybe your kids are worried.
Here's the truth: A reverse mortgage is a federally regulated loan — not a scam, not a gimmick, and nobody takes your house. You keep full ownership and title. You stay in your home as long as you want. And your heirs inherit the property when the time comes — they simply pay off the loan balance or sell the home and keep the difference.
The stigma comes from the 1990s, when reverse mortgages had fewer consumer protections. Today, HUD-approved counseling is mandatory, non-recourse protection is built in (meaning you or your heirs can never owe more than the home's value), and the products are regulated by the Federal Housing Administration.
One thing I always make clear upfront: a reverse mortgage eliminates your monthly mortgage payment, but it does not eliminate your responsibilities as a homeowner. You still pay property taxes, homeowners insurance, and maintenance. These are the same obligations you have now — the difference is you're no longer making a mortgage payment on top of them.
I wouldn't offer them if I didn't believe in them. And I wouldn't build an entire practice around them if they weren't genuinely good for Durango seniors.
“The fear is almost always worse than the reality. Once we run the numbers together, the path forward gets clear.”
Bobby Friel
CO Home Equity · Founder · NMLS# 332039
$0/month
What your monthly mortgage payment becomes with a Durango reverse mortgage.
Property taxes, insurance, and home maintenance remain your responsibility. But imagine what eliminating your largest monthly bill would mean for your retirement.
Two Types of Reverse Mortgage — Which Fits Your Durango Home?
HECM — For Most Durango Homes
FHA-Insured Reverse Mortgage- •Age: 62+
- •Loan limit: Up to $1,249,125 (2026 FHA limit)
- •FHA-insured with non-recourse protection
- •Disbursement: lump sum, monthly payments, line of credit, or combination
- •Line of credit grows over time (unused portion increases)
- •HUD-approved counseling required
- •Mortgage insurance premium: 0.50% annually
- •Ongoing obligations: Property taxes, insurance, maintenance
Best for: Durango homeowners with home values under $1.25M who want federal protections and flexible disbursement options.
Jumbo — For High-Value Properties
Proprietary Reverse Mortgage- •Age: 55+ in Colorado
- •Loan limit: Up to $4,000,000
- •No FHA mortgage insurance premiums — saves thousands
- •No origination fees on certain programs
- •Non-recourse protection (same as HECM)
- •Line of credit option available
- •Ongoing obligations: Property taxes, insurance, maintenance
Best for: Select high-value Durango properties above the $1.25M HECM limit, or homeowners age 55–61.
| Factor | 🏛️ HECM | 🏔️ Jumbo |
|---|---|---|
| Minimum age | 62 | 55+ in Colorado |
| Max loan amount | $1,249,125 | $4,000,000 |
| Mortgage insurance | Yes (0.50%/year) | No |
| Origination fees | Yes | No (on certain programs) |
| FHA insured | Yes | No (privately funded) |
| Non-recourse | Yes | Yes |
| Monthly mortgage payments | None required | None required |
| Counseling required | Yes (HUD-approved) | Yes |
| Ongoing obligations | Property taxes, insurance, maintenance | Property taxes, insurance, maintenance |
| Best for Durango | Most homes in the area | Select high-value properties or age 55–61 |
Not sure which fits your Durango home? That's what the equity review is for.
Schedule Your Equity ReviewDurango Seniors Who Put Their Equity to Work
Look at the Durango homeowners below. Each one found a different path through their reverse mortgage. Which situation sounds closest to yours?
William Covers Medical Costs Without Liquidating Savings
William, 70, taught history at Fort Lewis College for 28 years. His downtown Durango home is worth $820K — paid off through decades of careful saving. When unexpected medical expenses hit — $45K for procedures requiring travel to Denver — he needed funds fast without liquidating retirement accounts. A HECM gave him a $320K line of credit. He covered medical costs immediately and keeps the remaining balance growing for future needs.
George & Helen Modify Their Animas Valley Home
George and Helen, both 68, have lived in their Animas Valley home since 1999. It's worth $980K with no mortgage. They want to age in place but the two-story layout needs modifications — a first-floor primary suite, walk-in shower, wider doorways, and an exterior ramp. A HECM provided $120K upfront for the renovation plus a $260K line of credit for future care and living expenses.
Susan Creates a Grandchildren's Education Fund
Susan, 72, retired from the Durango school district and lives in Hillcrest near Fort Lewis College. Her $700K home is paid off. With two grandchildren starting college and another close behind, she wanted to help without depleting her savings. A HECM line of credit gave her $280K. She draws $20K per year for education gifts while the unused balance grows — creating a sustainable giving strategy that preserves her own financial security.
Tom Bridges the Gap Between PERA and Living Costs
Tom, 67, retired from La Plata County government with a PERA pension. His Three Springs home is worth $660K with a $140K mortgage — $950/month eating into his pension. A HECM paid off the mortgage and gave him a $120K line of credit. The $950/month payment relief plus the ability to draw from his credit line means Tom's pension now covers his lifestyle comfortably — no more choosing between heating bills and groceries.
These are illustrative examples based on typical Durango scenarios. Actual amounts depend on age, home value, interest rates, and program-specific factors. All programs require ongoing payment of property taxes, homeowners insurance, and home maintenance.
“The stigma around reverse mortgages comes from a product that no longer exists. Today's reverse mortgage is federally regulated, has non-recourse protection, and lets you stay in your home for life. When was the last time someone actually explained how it works — not what you've heard, but how it's regulated today?”
Bobby Friel · CO Home Equity
Questions Worth Asking Yourself
Have you explored what your Durango home equity could do for your retirement — without selling your home?
Your home has been building wealth for decades. A reverse mortgage lets you access that wealth while you continue living in it. No monthly mortgage payment. No giving up your title. The equity you built works for you instead of sitting idle.
When was the last time someone explained how a reverse mortgage actually works today?
Forget what you heard in the 1990s. Today's reverse mortgages are FHA-regulated with mandatory counseling, non-recourse protection, and your heirs inherit the property. The product has changed. The conversation should too.
What would eliminating your monthly mortgage payment mean for your monthly budget?
The average Colorado mortgage payment is $2,200–$2,800/month. Eliminating that — while keeping your home — frees up significant cash for healthcare, travel, helping grandchildren, or simply reducing financial stress. Property taxes and insurance continue, but without the mortgage, your monthly picture changes dramatically.
If your Durango home is worth over $1M, has anyone told you about jumbo reverse mortgages?
Standard HECM reverse mortgages cap at $1,249,125. Durango homes often exceed that in premium neighborhoods. Jumbo proprietary programs access up to $4M with no FHA mortgage insurance premiums. If your bank said you don't qualify, they were looking at the wrong program.
Have your adult children been part of this conversation? We welcome them on every call.
Reverse mortgage decisions often involve the whole family. Adult children have questions about inheritance, about whether the home is "at risk," about what happens long-term. Bobby welcomes them on every consultation call. Transparency builds trust — and this decision should have everyone's confidence.
What's the one financial concern that keeps coming back — and what would solving it look like?
For some Durango seniors, it's the monthly payment stress. For others, it's funding in-home care. For others, it's helping grandchildren or preserving investments during a market downturn. Whatever keeps you up at night — that's the conversation worth having.
What a Durango Reverse Mortgage Actually Looks Like
| Home Value | Product | Approx. Accessible Equity | Monthly Payment | Mortgage Insurance |
|---|---|---|---|---|
| $500,000 | HECM | $200K–$275K | $0/mo* | 0.50%/year |
| $750,000 | HECM | $300K–$400K | $0/mo* | 0.50%/year |
| $1,000,000 | HECM | $475K–$575K | $0/mo* | 0.50%/year |
| $1,250,000 | HECM (at limit) | $550K–$650K | $0/mo* | 0.50%/year |
| $1,500,000 | Jumbo | $650K–$850K | $0/mo* | None |
| $2,000,000 | Jumbo | $850K–$1.1M | $0/mo* | None |
| $3,000,000 | Jumbo | $1.2M–$1.6M | $0/mo* | None |
| $4,000,000 | Jumbo | $1.6M–$2.2M | $0/mo* | None |
*No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and home maintenance. Accessible equity depends on age, interest rates, and property type. These are approximate ranges based on current market conditions.
Which row matches your Durango home value? The accessible equity column tells you what's potentially available — Bobby confirms your real number in a free review.
55+
The minimum age for jumbo reverse mortgage programs in Colorado.
If you've been told you're too young at 55, 56, or 58 — that was based on HECM rules. Jumbo programs start at 55. The conversation may be different than you think.
What Durango Seniors Get Wrong About Reverse Mortgages
“The bank takes your house”
No. You keep full ownership and title — exactly the same as any other mortgage. The lender places a lien, just like your original mortgage did. You live in your home as long as you want. The loan is repaid when you move, sell, or pass away — and your heirs inherit the property.
“My kids won’t inherit anything”
Your heirs inherit the home. They can pay off the loan balance and keep the property, or sell the home and keep the difference between the sale price and the loan balance. And with non-recourse protection, they’ll never owe more than the home is worth — even if the loan balance exceeds the value.
“I’ll owe more than my home is worth”
Non-recourse protection means you or your heirs can never owe more than the home’s fair market value at the time of repayment. If the loan balance grows beyond the home’s value, the FHA insurance (on HECMs) or the lender (on jumbo loans) absorbs the difference. You’re protected.
“I’m not old enough — you have to be 62”
For a standard HECM, yes — 62 is the minimum. But jumbo proprietary reverse mortgages are available to Colorado homeowners as young as 55. If you’re between 55 and 61 with a high-value home, this may be your best option.
“My Durango home is too expensive for a reverse mortgage”
Standard HECMs cap at $1,249,125. That’s exactly why jumbo reverse mortgages exist — with limits up to $4M. Your Durango home isn’t too expensive. Your bank’s product may just be too small.
“I won’t have any ongoing costs”
A reverse mortgage eliminates your monthly mortgage payment, but property taxes, homeowners insurance, HOA dues, and home maintenance remain your responsibility. Bobby reviews these obligations with every borrower before proceeding — and your lender may set aside a portion of loan proceeds to help cover taxes and insurance.
“I should wait until I really need the money”
Waiting can actually reduce what you qualify for. Interest rates change, home values fluctuate, and your age at application directly affects your principal limit — older borrowers qualify for more. A HECM line of credit also grows over time when unused, so opening one now creates a larger safety net later. Many financial planners recommend establishing the line of credit early as a retirement planning tool.
“My bank already told me I don’t qualify”
Banks typically offer one product — their own. If your home exceeds $1.25M, a bank offering only HECMs would tell you the loan limit doesn’t cover your value. If you’re 55–61, a bank offering only HECMs would tell you you’re too young. A broker like Bobby compares HECM and jumbo programs across multiple lenders to find the right fit.
How Bobby Handles Your Durango Reverse Mortgage
📞Free Consultation
Tell me your situation. Age, home value, goals. No pressure, no commitment. Your adult children are welcome to join.
📊I Run Your Numbers
HECM vs Jumbo comparison with YOUR specific Durango home. Accessible equity, ongoing obligations, tax and insurance estimates.
🎓HUD Counseling
Federal law requires independent counseling before a reverse mortgage closes. I help you schedule it and prepare you for what to expect.
🏦I Match You to the Right Program
HECM or Jumbo. Lump sum, line of credit, monthly payments, or combination. I place your file with the lender that fits your situation best.
✅Funded — Your Equity Works for You
Closing is simple. Funds arrive. Your monthly mortgage payment stops. Property taxes, insurance, and maintenance continue as normal.
Do You Qualify for a Durango Reverse Mortgage?
Age
55+ for jumbo proprietary programs. 62+ for standard HECM. If your spouse is younger, special rules may apply — Bobby walks you through the specifics.
Home Equity
Substantial equity required — generally 50%+ equity for the best terms. The more equity you have, the more you can access. Paid-off homes qualify for the highest amounts.
Property
Must be your primary residence in acceptable condition. Single-family homes, condos, townhomes, and 2–4 unit properties are eligible. The property must meet minimum standards.
Ongoing Obligations
Must demonstrate ability to pay property taxes, homeowners insurance, and HOA dues. Lender may require a “set-aside” from loan proceeds to cover these. Bobby reviews this with every borrower.
Durango Neighborhoods — Reverse Mortgage Equity Access
| Neighborhood | Median Value | Equity Range | Top Use Case |
|---|---|---|---|
| Downtown Durango | $800K | $320K–$400K | Retirement income supplement |
| Animas Valley | $950K | $375K–$475K | Aging-in-place modifications |
| Three Springs | $650K | $260K–$325K | Mortgage payoff + cash flow |
| Edgemont Ranch | $720K | $285K–$360K | HOA & property tax coverage |
| Hillcrest / Fort Lewis Mesa | $680K | $270K–$340K | Medical expenses & travel |
Approximate ranges based on age 70, current rates, and estimated equity. Your free equity review shows exact numbers.
Durango Neighborhoods — What Seniors Can Access
Downtown Durango
$650K–$950K
Historic Main Avenue with walkable shops, restaurants, and the Durango & Silverton Railroad. Downtown draws retirees who value culture and convenience. Strong equity positions from decades of steady appreciation.
Animas Valley
$750K–$1.2M
Scenic valley along the Animas River north of town. Larger properties with acreage and mountain views. Long-term owners have substantial equity — many homes still fall within HECM limits for FHA-insured access.
Three Springs
$500K–$800K
Newer master-planned community south of town with trails, parks, and community amenities. Popular with active retirees. More moderate price points mean strong HECM access relative to property value.
Edgemont Ranch
$580K–$880K
Golf community east of downtown with mountain views and HOA-maintained common areas. Established neighborhood with many long-term senior homeowners. Moderate values keep properties within comfortable HECM range.
These are approximate ranges based on age 70, current rates, and estimated equity. Your actual numbers depend on your specific age, home value, and existing mortgage balance. The equity review is free.
Durango Risk Intelligence for Reverse Mortgage Borrowers
Wildfire Risk & Insurance Pressure
La Plata County has experienced significant wildfire events. Insurance premiums are rising 20–35% annually in some Durango-area zones. Your reverse mortgage requires active homeowners insurance — factor rising premiums into your long-term budget.
Remote Location & Medical Access
Durango is 3+ hours from Denver and major medical centers. Emergency medical transport and specialized care travel add costs that many retirees underestimate. A HECM line of credit provides a financial buffer for unexpected medical expenses and travel.
Animas River Flood Zone Considerations
Some Animas Valley and downtown properties sit in FEMA flood zones. Flood insurance is required in addition to standard homeowners insurance for properties in designated zones. This adds $1,000–$3,000 annually to ongoing costs.
Seasonal Economy & Property Value Stability
Durango's economy has seasonal tourism components tied to skiing, rafting, and the Durango & Silverton Railroad. While long-term property values have been strong, economic downturns can affect the local market. Non-recourse protection ensures you never owe more than your home's value.
How Durango Seniors Use Reverse Mortgage Equity
Medical Travel & Healthcare Buffer
Durango's distance from major medical centers means seniors often face travel costs for specialized care in Denver, Albuquerque, or Grand Junction. A HECM line of credit provides instant access to funds for procedures, travel, lodging, and prescriptions — no need to liquidate retirement accounts.
Education Legacy for Grandchildren
Many Durango retirees — especially retired Fort Lewis educators — want to help grandchildren with college costs. A HECM credit line allows sustainable annual gifts ($15K–$25K) while the unused balance grows, preserving your own financial security.
PERA & Social Security Supplement
Durango's cost of living has risen faster than PERA and Social Security adjustments. A reverse mortgage bridges the gap — eliminating mortgage payments and providing supplemental income without affecting government benefits.
Mountain Home Aging-in-Place Modifications
Durango's older homes often need accessibility updates: first-floor bedrooms, walk-in showers, grab bars, and ramps. HECM funds cover $50K–$150K in modifications so you can stay in the home and community you love.
Durango Reverse Mortgage Mistakes to Avoid
Assuming Durango's Remoteness Is a Problem
Bobby handles the entire process remotely — initial consultation, application, and closing. HUD counseling is by phone. The only local requirement is the appraisal, and Bobby works with La Plata County appraisers who know the market. Distance is not a barrier.
Overlooking HECM Credit Line Growth
The unused portion of a HECM line of credit grows 4–8% annually. A $300K line opened at age 65 could grow to $375K+ by age 75 — even if you never draw. Opening earlier means more financial flexibility later.
Not Budgeting for Rising Mountain Costs
La Plata County property taxes, homeowners insurance, and maintenance costs are increasing. A reverse mortgage eliminates your mortgage payment but these obligations continue. Budget $4K–$7K annually for taxes and insurance on a $725K Durango home.
Taking Maximum Funds at Closing
Drawing the full amount at closing maximizes your loan balance from day one. Most Durango seniors are better served by a line of credit — drawing as needed while the unused balance grows. This preserves flexibility and reduces long-term interest costs.
Your Reverse Mortgage Requires Insurance — When Was the Last Time You Actually Compared?
Your reverse mortgage lender requires active homeowners insurance with 100% replacement cost coverage. For Durango mountain homes, that coverage needs to account for wildfire risk, snow load, and rebuilding costs that can run $800–$1,500 per square foot. When was the last time you verified your policy covers what it would actually cost to rebuild?
Before your reverse mortgage closes, we run a full insurance review through our partners at Direct Insurance Services — not just to satisfy your lender's requirements, but to make sure there are no coverage gaps and confirm you have the best premium costs. This saves headaches and money.
Durango Housing Market — What It Means for Reverse Mortgages
Durango sits in southwest Colorado\'s La Plata County — a vibrant mountain town anchored by Fort Lewis College, the Durango & Silverton Railroad, and year-round outdoor recreation. With a median home value around $700K–$725K, Durango offers the rare combination of strong property values and accessible HECM eligibility. Most homes fall well within the $1,249,125 HECM limit.
The Durango market is driven by a diverse economic base: education (Fort Lewis College), healthcare (Mercy Regional Medical Center), tourism, and an increasing number of remote workers. This diversity has supported steady appreciation — homes purchased 10–15 years ago have often doubled in value, creating substantial equity for long-term senior homeowners.
For reverse mortgage planning, Durango\'s market is favorable. Property values are high enough to generate meaningful equity access ($250K–$475K for most homeowners) while remaining stable enough for long-term financial planning. The town\'s walkable downtown, medical facilities, and cultural amenities support aging in place.
Bobby Friel works with La Plata County appraisers who understand Durango\'s distinct neighborhoods — from downtown historic homes to Animas Valley acreage to newer Three Springs developments. Local appraisal expertise means accurate valuations and maximum equity access for every Durango borrower.
Durango Reverse Mortgage Questions — Answered
Bobby's Take on Reverse Mortgages in Durango
Reverse mortgages are the most misunderstood product in the mortgage industry — and arguably the most underutilized. Durango seniors are sitting on significant home equity. With a median home value of $725,000, the average homeowner over 60 holds equity that could meaningfully change their retirement picture.
The stigma is outdated. It comes from a product that existed 25 years ago. Today's reverse mortgages are federally regulated, require independent counseling, offer non-recourse protection, and let you stay in your home for life. Have you taken the time to see how the product actually works today — not what you've heard from someone who hasn't looked at it since the 1990s?
And I'm always transparent about one thing: a reverse mortgage is not free money. Your property taxes, insurance, and maintenance don't go away. What goes away is the mortgage payment — and for most Durango seniors I work with, that's the single biggest line item in their monthly budget.
I welcome adult children on every call. This is a family decision, and transparency builds confidence. If you've been thinking about it — or if your children have been asking questions — the conversation is free. What's the one financial concern that keeps coming back for you? That's what we should talk about.
More Ways to Access Your Durango Equity
Reverse Mortgages in Nearby Communities
Your Durango Home Has Been Taking Care of Your Family for Decades. Now Let It Take Care of You.
Schedule a free, no-obligation equity review. Bobby walks you through your options — HECM, Jumbo, or whether a reverse mortgage is even right for your situation. Your adult children are welcome on the call.
No monthly mortgage payment required. Borrower must continue paying property taxes, homeowners insurance, and home maintenance.
Bobby Friel · NMLS# 332039 · Friel-Good Mortgage, Inc. · NMLS# 1901977