Given the size and diversity of the Pacific Rim Region, weâve identified a predominant economy in each Quarter to better evaluate this area economically. Within each Pacific Rim Region Quarter, a predominant economy is identified with respect to leading economic output figures and international trade activity.
12:40 pm. In general, to be eligible for a reverse mortgage the youngest homeowner must be 62 years old or older and have sufficient home equity. You must also meet financial eligibility criteria as established by HUD. Determining whether or not there is sufficient equity in the home is an FHA calculation that takes into account:
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home.