Section 57-28-202 - Borrower requirementsA 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.Amended by Chapter 385, 2023 General Session ,§ 1, eff. 5/3/2023.Added by Chapter 290, 2015 General Session ,§ 4, eff. 5/12/2015.