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Hanford is a stable, working-class Central Valley city. Many long-term homeowners here have built significant equity over decades.
That equity can work for you in retirement. A reverse mortgage converts it to cash — no monthly payment required.
62 years old
Minimum Age
None required
Monthly Payments
FHA HECM
Common Program
Yes — HUD approved
Counseling Required
Reverse Mortgages in Hanford
You must be 62 or older. The home must be your primary residence — investment properties don't qualify.
You need enough equity to cover the loan. Any existing mortgage balance gets paid off first from the proceeds.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Hanford.
Hanford is a stable, working-class Central Valley city. Many long-term homeowners here have built significant equity over decades.
That equity can work for you in retirement. A reverse mortgage converts it to cash — no monthly payment required.
You must be 62 or older. The home must be your primary residence — investment properties don't qualify.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by FHA. Not every lender offers them.
We work with wholesale lenders who specialize in HECM programs. That means better pricing and fewer surprises at closing.
The biggest mistake I see: waiting too long. Borrowing capacity is tied to age and home value. Both matter.
A proprietary reverse mortgage may work if your home exceeds FHA loan limits. Ask us to run both scenarios side by side.
A HELOC gives you a credit line but requires monthly payments. A reverse mortgage doesn't — that's the core difference.
Home equity loans work similarly to HELOCs. If you're on a fixed income, the no-payment structure of a reverse mortgage often wins.
Hanford's home values are lower than coastal California. That affects how much equity you can access through a reverse mortgage.
Kings County retirees often rely on Social Security and pensions. A reverse mortgage can fill the gap without selling the home.
Yes. You stay on title and own the home. The lender holds a lien, just like a regular mortgage.
The loan becomes due. Your heirs can sell the home, repay the loan, or refinance it into their name.
Yes, if you have enough equity. The existing balance gets paid off first from your reverse mortgage proceeds.
Generally no — proceeds are loan advances, not income. Talk to your CPA for your specific situation.
Yes, for HECM loans it's mandatory. A HUD-approved counselor reviews the loan with you before you close.
It depends on your age, home value, and current rates. Older borrowers with more equity access more funds. Rates vary by borrower profile and market conditions.