(1) To be eligible for a reverse annuity mortgage loan, the applicant must do the following:

(a) successfully complete the required counseling (information about required counseling is available at the Governor's Office and the board's offices) ;

(b) submit a reverse annuity mortgage application package to the board;

(c) agree to allow the board to obtain a current FHA appraisal and title insurance policy for the property;

(d) agree to pay for all closing costs including, but not limited to, the appraisal, title insurance policy, document recording, and other closing costs;

(e) assure that the reverse annuity loan is in first lien position at loan closing;

(f) be at least 68 years of age or older, except as provided on a case-by-case basis by the Board of Housing;

(g) meet the income limits as set by the board;

(h) if the property is jointly owned, both borrowers must meet all of the conditions;

(i) if property is jointly owned, it must be held as joint tenants, with rights of survivorship.