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Biggs sits in Butte County where the median household income is $68,574. Home values here reflect the county's affordability compared to coastal California.
A reverse mortgage converts home equity into monthly payments or a lump sum without selling. You stay in your home and keep the title. The loan is repaid when you move, sell, or pass away.
62 years old
Minimum Age
None required
Monthly Payments
$68,574
County Median Income
45–60 days
Typical Timeline
Reverse Mortgages in Biggs
To qualify for a reverse mortgage in Biggs, you must be at least 62 years old and own your home. Your home must be your primary residence. You'll need enough equity to make the loan worthwhile—typically at least 50% of the home's value.
Credit score requirements are flexible compared to forward mortgages. Lenders focus on your ability to pay property taxes, insurance, and maintenance.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Biggs.
Biggs sits in Butte County where the median household income is $68,574. Home values here reflect the county's affordability compared to coastal California.
A reverse mortgage converts home equity into monthly payments or a lump sum without selling. You stay in your home and keep the title. The loan is repaid when you move, sell, or pass away.
To qualify for a reverse mortgage in Biggs, you must be at least 62 years old and own your home. Your home must be your primary residence. You'll need enough equity to make the loan worthwhile—typically at least 50% of the home's value.
Reverse mortgages in California are primarily FHA-insured HECMs (Home Equity Conversion Mortgages). The FHA sets the rules and insurance standards. Most lenders are banks, credit unions, and mortgage brokers licensed to originate HECMs.
The process takes 45 to 60 days from application to closing. HUD-approved counseling is required before you can proceed. Counselors review your finances to ensure a reverse mortgage fits your situation and won't create budget strain.
Reverse mortgages make sense in Biggs for homeowners 62+ with paid-off homes or low balances. If you need cash flow in retirement and plan to stay in your home, a reverse mortgage can free up equity without selling.
They don't work well if you plan to leave the home to heirs debt-free. The loan balance grows over time as interest accrues. Recent HousingWire reporting shows some low-income seniors face budget deficits even after accessing reverse mortgage funds, so...
A reverse mortgage differs from a home equity line of credit (HELOC). A HELOC requires monthly payments and has variable rates that can spike. A reverse mortgage has no monthly payment obligation, but the loan balance grows and must be repaid eventually.
Selling and downsizing is another option. You'd move to a smaller home and pocket the difference. But that means leaving Biggs and uprooting from your community. A reverse mortgage lets you stay put while accessing equity.
Chico Area Recreation and Park District just opened summer camp registration. If you're a grandparent in Biggs, staying in your home means staying close to family events and activities.
Butte County schools are active—Chico High recently advanced to state mock trial finals. Staying in your longtime home means remaining part of the community fabric your grandchildren grow up in.
No. With a reverse mortgage, you make no monthly payments. The lender pays you instead. You remain responsible for property taxes, insurance, and maintenance.
Your heirs inherit the home. They can keep it by paying off the reverse mortgage balance, or sell it to repay the loan. If the home sells for more than the balance, heirs keep the difference.
The amount depends on your age, home value, and current interest rates. Older borrowers with higher-value homes qualify for larger amounts. A counselor will calculate your specific eligibility.
Yes. You can use reverse mortgage proceeds to pay off your existing mortgage. After that's paid, any remaining funds are yours to use as you wish.
Costs include origination fees, appraisal, title insurance, and FHA mortgage insurance. These typically range from 2% to 5% of your home's value and are deducted from your proceeds.