Srimad-Bhagavatam: Canto 7 - Chapter 1 - Verse 46
श्रीनारद उवाचधर्मं पारमहंस्यं वै मुने: श्रुत्वासुरेश्वर: ।पूजयित्वा तत: प्रीत आमन्त्र्यप्रययौ गृहम् ॥ ४६ ॥
śrī-nārada uvācadharmaṁ pāramahaṁsyaṁ vaimuneḥ śrutvāsureśvaraḥpūjayitvā tataḥ prītaāmantrya prayayau gṛham
Nārada Muni continued: After Prahlāda Mahārāja, the King of the demons, heard these instructions from the saint, he understood the occupational duties of a perfect person [paramahaṁsa]. Thus he duly worshiped the saint, took his permission and then left for his own home.
As quoted in Caitanya-caritāmṛta (Madhya 8.128), Śrī Caitanya Mahāprabhu said: A guru, or spiritual master, can be anyone who is well conversant with the science of Kṛṣṇa. Therefore although Prahlāda Mahārāja was a gṛhastha ruling over the demons, he was a paramahaṁsa, the best of human beings, and thus he is our guru. In the list of gurus, or authorities, Prahlāda Mahārāja’s name is therefore mentioned: The conclusion is that a paramahaṁsa is an exalted devotee (bhagavat-priya). Such a paramahaṁsa may be in any stage of life — brahmacārī, gṛhastha, vānaprastha or sannyāsa — and be equally liberated and exalted.