Board president can’t block condo owner from applying for financing

Question: I own one of 64 units in my development and the board president refuses to cooperate with my bank in completing my reverse-mortgage paperwork.

She wrote to owners that we are a condominium development, “which means the entire development would have to be approved in order for any individual unit owner to obtain an FHA loan…. We believe that because some people may get in because of the low interest rates (3%), and with little or no down payment required, we could be exposing ourselves to liability if these owners cannot make their mortgage payments and are ultimately foreclosed.