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Reverse Mortgages in Hanford
Hanford's housing stock skews older, with many long-time homeowners sitting on significant equity. Reverse mortgages let seniors 62+ convert that equity into cash without selling or making payments.
Kings County has a substantial retiree population who bought homes decades ago at much lower prices. These borrowers often have paid-off properties but limited retirement income—exactly the profile reverse mortgages serve best.
You must be 62 or older and own the home outright or have a small remaining mortgage balance. The property must be your primary residence—no second homes or investment properties qualify.
Lenders require a financial assessment to confirm you can cover property taxes, insurance, and maintenance. Poor credit won't disqualify you, but you need stable income to handle those ongoing costs.
Most reverse mortgages are Home Equity Conversion Mortgages (HECMs) backed by FHA. Only FHA-approved lenders can originate them, which narrows your options compared to conventional loans.
We work with lenders who specialize in reverse products and understand the unique underwriting rules. The approval process is slower than traditional mortgages—expect 45 to 60 days from application to closing.
Most Hanford seniors use reverse mortgages to eliminate existing mortgage payments or fund healthcare costs. The lump sum option works for one-time expenses, while the line of credit grows over time if unused.
I steer clients away from reverse mortgages if they plan to move within five years or want to leave the home to heirs debt-free. The upfront costs are high—closing costs plus 2% MIP—so you need time to recoup them.
A HELOC requires monthly payments and income verification. A reverse mortgage has no payment requirement, making it better for fixed-income retirees who can't qualify for traditional debt.
Home equity loans give you cash but add a monthly bill. Reverse mortgages provide funds without payments, though you pay for that flexibility with higher total interest over time since the balance grows instead of shrinking.
Hanford property values are modest compared to coastal California, which limits how much equity you can access. HECM lending limits and your age determine the maximum loan amount—expect 40-60% of home value depending on how old you are.
Kings County property taxes are manageable, but you must keep them current or risk foreclosure. Many Hanford reverse mortgage borrowers set aside funds from proceeds specifically for tax and insurance reserves to avoid problems later.
Yes, but the reverse mortgage proceeds must pay off your existing loan first. You need enough equity to cover the payoff and closing costs.
Your heirs can repay the loan and keep the home, or sell the property and keep any equity above the loan balance. They're not personally liable for amounts exceeding home value.
No, you retain title and ownership. The lender has a lien, but you control the property as long as you meet occupancy and maintenance requirements.
It depends on your age, home value, and current interest rates. Older borrowers and higher home values yield larger loan amounts, typically 40-60% of value.
No, the IRS treats reverse mortgage funds as loan proceeds, not income. They don't affect Social Security or Medicare benefits either.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.