Hello ,
CB500's are basic and very reliable so if you have any cooling issues there's very little to check.
The things that go wrong are , a seized thermostat, fan switch, stuck fan and a blown fan fuse.
Being an old bike I'd first check the coolant by removing the tank and then the coolant cap from the thermostat housing , it's probably low.
Then check the fan is free from dirt / stones, check it's fuse, then turn on the ignition and bypass the fan switch by simply earthing out the wire that plugs into the fan switch on the radiator, you can do this by touching the wire to any good earth point on the frame, doing this will hopefully operate the fan.
Fans can go wrong but it's rare.
By taking the fan switch out if the equation and checking the coolant level you are checking the basics.
By the symptoms you describe though it's sounds to me the thermostat is stuck, it's always good to remove it and see what happens without it.
Check the above first and then get back to me , if it's the fan switch I will tell you how to check it .
Edit.....
tallpaul has just described how to do it ..