Reverse Mortgages and Four Seasons Condos: What’s Allowed?

Thinking about a reverse mortgage on your Four Seasons at Ashburn condo? You are not alone. Many owners want to tap home equity without moving, but the rules for condos and reverse mortgages can feel confusing. In this guide, you will learn how FHA’s reverse mortgage program works with condominium approvals, what Four Seasons owners should check first, and what to do if the project is not approved today. Let’s dive in.

HECM basics in plain English

A Home Equity Conversion Mortgage, or HECM, is the FHA-insured reverse mortgage available to homeowners age 62 or older. You must live in the home as your primary residence, complete HUD-approved counseling, and meet basic credit, financial, and property standards. HECMs can help you convert a portion of your home equity into funds while you remain in the home.

For condos, the property itself must meet FHA eligibility. That is where condominium project approval comes in. If your condo is in a project that does not meet FHA rules, a standard HECM is usually not available until the project qualifies or a lender can apply a limited exception.

Why condo approval matters at Four Seasons

FHA looks at both you and your property. Even if you qualify as a borrower, your Four Seasons at Ashburn unit must sit in a condominium project that meets FHA’s criteria. In practice, that means the Four Seasons condo project needs to appear on FHA’s approved condominium roster or obtain FHA approval. Without that status, lenders typically cannot make HECM loans in the project.

If Four Seasons at Ashburn is already approved, you can explore a HECM or even a HECM for Purchase if you plan to buy within an approved project. If it is not, you still have options, including asking the HOA to pursue approval, considering proprietary reverse mortgages, or choosing other financing paths.

How to verify whether Four Seasons is FHA approved

Before you assume a HECM is possible, take these steps to confirm the project’s status.

1) Check HUD’s condo roster

HUD maintains a searchable roster of FHA-approved condominium projects. Search by project name or location to see current status. Project approvals can lapse, so confirm close to application.

2) Ask the HOA or management

Request written confirmation from the HOA or property manager that states whether Four Seasons at Ashburn is FHA approved. Ask for the FHA project number and approval date, plus any pending applications. Also request the HOA’s insurance declarations, budget, reserve information, and owner-occupancy summary.

3) Ask a HECM lender or HUD-approved counselor

A lender that originates HECMs can check eligibility for your specific unit. HUD-approved counselors can also explain requirements and help you weigh alternatives.

4) Pull recorded documents if needed

If a lender asks for project documents, you can locate recorded declarations and plats through Loudoun County property and land records. The Clerk’s office and county databases are useful for official documents.

What FHA reviews in a condo project

FHA approval is case specific, but reviewers commonly focus on these categories:

• Owner occupancy and investor concentration. Projects with very high investor or vacant unit ratios may face extra scrutiny.
• HOA financial health. Stable budgets, adequate reserves, and current financial statements matter.
• Assessment delinquencies. High delinquency rates are a red flag.
• Litigation. Active lawsuits involving the HOA or developer can delay or block approval until resolved or mitigated.
• Commercial space and single-entity ownership. FHA sets limits on commercial use and units owned by a single entity.
• Insurance coverage. The master policy must provide appropriate hazard and liability coverage, with the proper mortgagee clauses when required.
• Governing documents. Recorded declarations and bylaws must align with FHA standards, including lender rights.

Specific thresholds and interpretations can change over time. Lenders and FHA reviewers apply the policy to the project’s facts.

Checklist: documents that speed things up

If you plan to apply for a HECM or help your HOA pursue approval, gather these items early to save time.

For your unit

• Deed and any mortgage payoff statements
• Proof of homeowner’s insurance for your unit
• Current property tax bill and Loudoun County parcel ID
• Recent HOA dues statements and proof of payment
• Appraisal and inspection when the lender orders them

For the HOA or project

• Recorded declaration, bylaws, and amendments
• Current and prior year HOA budgets and financial statements
• Reserve study or reserve balance statement and policy
• Owner list and owner-occupancy statistics
• Delinquency report on assessments
• Insurance declarations for the master policy
• Statement on pending litigation or special assessments
• Management company and HOA officer contacts

These materials help lenders and FHA confirm occupancy levels, financial stability, insurance coverage, and legal status.

If Four Seasons is not FHA approved

You still have several paths. The right choice depends on your timeline, budget, and long-term plans.

Option 1: Ask the HOA to seek FHA approval

The HOA or its management can apply to HUD for project approval. Many communities hire a consultant or attorney to prepare submissions.

• Pros: Opens the door to HECMs and FHA forward loans for all owners.
• Cons: Gathering documentation and addressing issues can take months and may involve costs. The HOA must meet FHA standards to qualify.

Typical timelines can span several weeks to prepare and submit, with additional time for HUD review. If deficiencies arise, remediation can add months. Costs vary and may include legal, accounting, management, and reserve-related expenses.

Option 2: Consider a proprietary reverse mortgage

Some private lenders offer non-FHA reverse mortgages. Property eligibility rules can differ and may be more flexible for certain condo projects.

• Pros: May provide access when a HECM is unavailable.
• Cons: Terms, fees, and consumer protections vary widely. Interest rates or fees can be higher than FHA products, and availability depends on the lender.

Option 3: Look at traditional financing alternatives

A HELOC, cash-out refinance, or sale and downsize could fit your goals. If you want a reverse mortgage and prefer to stay in condo living, a HECM for Purchase on a unit in an FHA-approved community is another path.

Option 4: Sell or rent if it fits your plan

If reverse financing is not feasible, selling and moving to an approved property can solve for both financing eligibility and lifestyle needs. Renting the unit is a personal choice and should align with HOA rules and your financial plan.

Steps the HOA can follow to pursue FHA approval

If the Four Seasons board decides to apply, a simple roadmap helps keep momentum.

1. Assemble documents. Use the checklist above to compile financials, insurance, governing documents, and occupancy data.

2. Review and resolve red flags. Address litigation, update reserves if needed, improve assessment collections, and correct any governing document issues.

3. Prepare and submit the FHA application. Many HOAs use management, legal counsel, or a specialist to package the submission.

4. Respond to HUD follow-ups. FHA may request clarifications or corrective actions.

5. Maintain compliance after approval. Keep budgets, reserves, insurance, and governance aligned with FHA expectations.

Common obstacles include developer control, significant unsold inventory, high investor concentration, high delinquencies, and active litigation.

How to talk to lenders and counselors

A focused conversation saves time. Ask two direct questions up front:

• Is Four Seasons at Ashburn currently on HUD’s FHA-approved condo roster for HECM eligibility? If yes, request the FHA project number and approval date.
• If not approved, what alternatives does your institution offer? Ask about proprietary reverse mortgages or other solutions.

Bring HOA details to your meetings, including contact information, the most recent budget and financials, proof of dues payment, the declaration and bylaws, and the master insurance declarations. HUD-approved HECM counseling is mandatory and also helps you compare loan and non-loan options. For complex legal or financial issues, speak with a Virginia attorney or your accountant.

Local notes for Loudoun County and Virginia

You can access recorded condominium documents, plats, and related records through Loudoun County property and land records. Virginia’s condominium framework is set by the Virginia Condominium Act, which outlines owner and HOA rights, disclosures, and recordation. For legal interpretation, consult a Virginia attorney familiar with community association law.

Next steps for Four Seasons owners

• Confirm current FHA status through the HUD roster, your HOA, or a HECM lender.
• If the project is not approved, decide whether to encourage the HOA to pursue approval or to explore proprietary reverse mortgages and traditional financing.
• If a HECM is a priority, gather the checklist documents now to speed up lender review.
• If you plan to move, consider a HECM for Purchase in an FHA-approved community that fits your needs.

You deserve a clear path forward, whether that means tapping equity where you live today or finding a home that fits your next chapter. If you would like local guidance and a calm, step-by-step plan tailored to Four Seasons at Ashburn, we are here to help. Start the conversation with CK Residential Group.

FAQs

Can I get a reverse mortgage on a Four Seasons at Ashburn condo?

• Yes, if the condominium project is FHA approved for HECMs. Confirm the project’s status through the HUD condo roster, your HOA, or a HECM lender.

What happens if the Four Seasons project is not FHA approved?

• You can ask the HOA to pursue FHA approval, consider proprietary reverse mortgages, or choose traditional options like a HELOC, cash-out refinance, or selling and buying in an approved project.

How long does FHA condo approval usually take for an HOA?

• Timelines vary. Compiling documents may take weeks, HUD review can take additional weeks, and resolving any deficiencies can add months.

Who pays for the FHA approval process for the condo project?

• The HOA typically bears costs such as legal, accounting, and management fees related to the application. HOAs may budget for consultant support if needed.

What documents should I gather before speaking with a HECM lender?

• Bring your deed, any payoff statements, proof of insurance, recent tax bill, HOA dues statements, and basic HOA documents like the declaration, bylaws, budget, reserves, and master insurance.