As tough as it is for new buyers to obtain financing today, some condo owners are facing difficulties even applying for FHA loans and FHA-insured reverse mortgages because of association board members denying their requests for FHA approval.
This recently happened in Chicago to an 80-year-old woman who lives in the Gold Coast neighborhood, according to ReverseMortgageDaily.com. She owns her condo, valued at $800,000, and wanted to adjust her loan. However, the board voted against obtaining FHA approval.