A folding flex ratchet having a handle that is joined to a ratchet head by an offset hinge that allows the handle to be selectively folded between an extended position for applying greater torque and a folded position in which the ratchet operates in spaces where access is minimal, somewhat like a palm ratchet. The ratchet head may include a generally L-shaped neck that provides an offset handle connection point that is offset in two directions from the ratchet head, both rearwardly and longitudinally. The handle, ratchet head and offset hinge are configured so that, when in the folded position, the handle is approximately centered over the ratchet head and the handle extends substantially parallel to the ratchet head.