57-28-202. Borrower requirements.
A borrower shall:
(1) for a home equity conversion mortgage insured by the Federal Housing Administration underof the National Housing Act, 12 U.S.C. Sec. 1715z-20, be 62 years old or older; and 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.