Entrance Fees – Senior Communities
Enjoyed listening to you on WGN this am. What do you think about “buy into” senior communities? I’m 84, good health, no children and big house. Considering moving. This morning when you were helping an 89 yr old, I felt you were not into entrance fee communities. Any advice?
Thank you.
Terry Says
Have you seen the latest headlines? Friendship Village in Shaumburg just declared bankruptcy — one of the largest of these communities. No one will get their deposit back — at least not all of it, and not for a long time! The fine print in those contracts (and I have written about this) says you only get your money back when someone else pays to move in! These days that could take a very long time, especially since Covid.
And once you’re in, you depend on them to provide the promised nursing services down the road (and food until then!). So do your homework. If you don’t care about your heirs getting the money back, you can do this deal. And it will be a “deal” since so few people are trying to get in!
