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Ukiah homeowners aged 62 and older are sitting on decades of built-up equity. A reverse mortgage lets you access that equity without selling or making monthly payments.
Mendocino County has a significant retiree population. Many seniors here are house-rich but cash-limited — exactly who reverse mortgages are designed for.
62 years old
Minimum Age
None required
Monthly Payments
Required before close
HUD Counseling
HECM (FHA-backed)
Loan Type
Vacate, sell, or pass
Loan Due When
Reverse Mortgages in Ukiah
You must be at least 62 years old and live in the home as your primary residence. The home must have substantial equity — ideally owned free and clear or with a small remaining balance.
Lenders also run a financial assessment. They check your income, credit, and ability to pay property taxes and insurance. Failing this step is the most common reason deals fall apart.
Local decision guide
Use this guide to connect reverse mortgages eligibility, lender expectations, and local market factors before comparing payment options in Ukiah.
Ukiah homeowners aged 62 and older are sitting on decades of built-up equity. A reverse mortgage lets you access that equity without selling or making monthly payments.
Mendocino County has a significant retiree population. Many seniors here are house-rich but cash-limited — exactly who reverse mortgages are designed for.
You must be at least 62 years old and live in the home as your primary residence. The home must have substantial equity — ideally owned free and clear or with a small remaining balance.
Most reverse mortgages are HECMs — Home Equity Conversion Mortgages — backed by the FHA. That federal backing gives lenders confidence to approve seniors with limited monthly income.
Not every lender offers reverse mortgages. We work with wholesale lenders across California who specialize in this product. That matters because pricing and program options vary widely.
The biggest mistake I see is seniors waiting too long. The older you are when you close, the more equity you can access. Starting at 62 gets you less than starting at 72.
HUD requires you to complete independent counseling before closing. This isn't optional. Budget 1-2 hours and do it early — it won't slow your deal if you handle it upfront.
A HELOC gives you a credit line too, but requires monthly interest payments. If fixed retirement income is tight, that payment can become a real burden.
A reverse mortgage has no required monthly payment. The loan balance grows over time, but you stay in control of the home as long as you live there and meet the loan terms.
Ukiah sits in an inland valley with a stable, owner-occupied housing base. Many longtime residents bought here decades ago and carry little or no remaining mortgage balance.
Rural Mendocino County homes sometimes get tricky appraisals. Unique properties — ag land, well water, septic systems — can complicate the FHA appraisal process. Work with a broker who has seen this before.
No. You stay in the home as long as it's your primary residence. The loan only comes due when you move out, sell, or pass away.
Your heirs can sell the home to repay the loan or refinance it. If the home sells for more than the balance, heirs keep the difference.
Yes, but the reverse mortgage must first pay off the existing balance. You receive access to the remaining equity after that payoff.
Serious delinquencies or inability to show you can cover taxes and insurance are red flags. Lenders may require a set-aside from your proceeds to cover future costs.
Loan proceeds are generally not considered taxable income. Consult a tax advisor — your specific situation may differ.
It depends on your age, the appraised home value, and current interest rates. Rates vary by borrower profile and market conditions.