1. (1) be at least 62 years old when the loan closes; and
2. (2) need financial assistance with housing-related expenses or personal expenses that enable the owner to continue to occupy the home.

To qualify for a reverse equity loan under § 4-804(5) of this subtitle, an applicant shall:

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.