If a condo meets Federal Housing Administration approval, purchasers of units in the condo are eligible for FHA financing. This is advantageous to existing residents who want to sell their units, or may want to in the future. It is also advantageous to existing residents who want to stay put but anticipate that at some point they may run short of money and look to the possibility of taking an FHA-insured reverse mortgage. Yet despite these advantages of FHA approval to condo residents, many condos that meet the agency's requirements have never sought approval