The usual interpretation is that in an active adult community (55+) you must be at least 55 years old in order to purchase a property. However, if you are under 55 (and over 19) and your co-purchaser is at least 55, then you may purchase.
However, the 55+ person is also supposed to live there, too. If you have a parent who wills you the condo, even if you are less than 55, you retain the right to use it as you see fit. The association figures that over time, 20% of the owners will fit into this category. This is the interpretation most associations implement.
The other interpretation states that 80% of the purchasers must be at least 55 years old, but 20% can be younger than that.
If you are still a young adult (as opposed to an active adult) You may want to consult a real estate attorney if you are determined to purchase in one of these55+ communities.
Marc Jablon, The Jablon Team
Re/Max Complete Solutions