A borrower shall:

1. (1)

   1. (a) for a home equity conversion mortgage insured by the Federal Housing Administration under Title 1 of the National Housing Act, 12 U.S.C. Sec. 1715z-20, be 62 years old or older; and
   2. (b) for proprietary loans not insured by the Federal Housing Administration, be 55 years old or older; and
2. (2) occupy the dwelling that secures the reverse mortgage as a principal residence.

Amended by Chapter 385, 2023 General Session