Larry's answer is correct. and I reposted it from below.
"Usually the occupancy restriction is capped at 80%, I believe this to be a law. If you have kids under 19 living then that may be a problem living there for more than a month, but I've seen the guide lines stretched there also Look at the bylaws. You will see a clause 20% can be under 55, I have never seen one without this.I believe this a federal law. See the covenants, conditions & restrictions in HOA .
Federal law states that 100% of the resident in a community built for occupants 62-years of age or older must be 62-years of age or older. Whereas, communities intended for residents 55-years of age or older, only need to have 80 % of the residents and one person per household be 55-years of age or older."
You should speak to a local attorney and have him/her contact the association and discuss the 20% number and what the development holds. You definately have options. And if you choose, you can rent it out until you decide what to do or wait out the market.
Broker / Manager
Orange Key Realty