Forest property right mortgage can effectively reduce the credit constraints of farmers and it is of great significance for realizing sustainable forestry management. Based on a survey data from the collective forest region in Fujian, Hunan and Jiangxi provinces, this paper analyzed the income effects of forest property right mortgage for farmers in the collective forest region and explored the heterogeneity of income effect under different perspectives of household structure by the propensity score matching method (PSM). Results show that the proportion of surveyed households with forest property right mortgage is relatively low, only 11.81%, and there are significant differences of income levels, basic characteristics of farmers, and endowments of forest land resources between farmers with forest property right mortgage and those without. The average total income of farmers with forest property right mortgage increases by RMB 17 400 yuan without considering the differences in household structure. Forest property right mortgage has some positive income effects, but the income effects of forest property right mortgage under different income structures and farmer types are different. From the perspective of income structure, forest property right mortgage only increases the total income of farmers and forestry income, but it is not significant for non-forest income. From the perspective of household structure, forest property right mortgage only accounts for 25%~50% of the allocation of labor resources, which is significant for those households with middle and high income levels and large-scale operations. Therefore, this paper suggests to further innovate the way of financial service, to explore the diversified operation mechanism of forest property right mortgage, and to establish the credit product design based on the difference of rural household structure.