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:
How old do I have to be for a reverse mortgage? Both you and your spouse have to be 62 years of age or older. Equity is quite simply the difference between the appraised value of your home, and the loan amount owed on the property. For example, a $250,000 home with a loan amount of $150,000 has $100,000 of equity.o! This is one of the biggest myths of the reverse mortgage product. Even if you live to 125 years of age, the bank can never take the home from you. As long as property taxes, insurance and necessary maintenance repairs are made, the loan will only come due after death of the last surviving spouse.