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.