reverse mortgage additional requirements

I don't think I have sufficient information to answer your question. However, to qualify for most reverse mortgages you must:

1) Have sufficient equity in your home. (The actual amount of equity required to qualify for a Reverse Mortgage varies depending upon your county, your age and the current interest rates. In most cases you must not owe more than 75 percent of your home’s current value. For example, if your home is valued at $200,000, then your outstanding mortgage would need to be less than $150,000 – in most cases.)

Furthermore, second homes, apartment buildings and homes less than a year old are not usually eligible for a Reverse Mortgage though some condominiums do qualify.

For more on whether a reverse mortgage is right for you, go here:
http://www.newretirement.com/Services/Reverse_Mortgage_Who_Should_Consider.aspx

You are correct in wondering if the lack of reserves in a Homeowners Association would affect your ability to obtain a reverse mortgage.Each developement must either be already FHA approved, or have a spot condo certification. I dont have the figures in front of me, but if there isnt sufficient reserves in the associations accounts, then the Spot Condo Certification will be denied, and the loan will be declined. Also, if the Condominium development is occupied by more then 50% rentals, it will also trigger a decline. I would be happy to look deeper into the actual figures for you if youd like. Thankfully, in the 6 plus years I have been originating reverse mortgages, I have only seen this happen once.I am a Reverse Mortgage Specialist with Financial Freedom, a preferred lender with New Retirement. Please let me know if you have further questions. Tam Field FinancialFreedom :)