(1) The annual income limits to be eligible for a reverse annuity mortgage loan shall not exceed 200% of the poverty level per household size as set forth by the U.S. Department of Health and Human Services, changing each year.

(2) A loan amount may not exceed 80% of the appraised value of the property. The board will set the maximum dollar amount of a loan which amount may be changed by the board. The minimum dollar amount of a loan is $15,000.