Condos make reverse mortgage difficult

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DEAR BOB: I, along with a large number of fellow senior citizens, live in a condo complex of 192 units. Our problem is that due to the high number of rentals, 98 to be exact, we seniors are unable to obtain reverse mortgages, which many of us had counted on to help with our finances. Most of us have no mortgages. What can we do? – Carolyn B. DEAR CAROLYN: For readers not familiar with the situation, most mortgage lenders refuse to make loans in condo complexes with more than 20 percent to 30 percent rentals. The primary reason is the foreclosure rate is much higher in condo complexes with a large number of absentee owners. Purchase Bob Bruss reports online. I am shocked you and your fellow condo owners allowed the situation to get out of control with more than 50 percent rentals. Don't owner-occupants want to live in your condo complex? What is so wrong that it doesn't appeal to owner-occupants? If you wanted to sell your condo, you would have great difficulty unless you can fin...