A borrower shall: (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 (b) for proprietary loans not insured by the Federal Housing Administration, be 55 years old or older; and (2) occupy the dwelling that secures the reverse mortgage as a principal residence.
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