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Co-Op Communities

By Terry Savage on August 07, 2016 | Financial Planning / Retirement

Hi Terry, I hope you're well and happy. I am a 71 year old widow and will sell my house in the next year or two. Since I have done okay this far, my main goal is to not make any big money mistakes. Another goal is to minimize any possible burden on my daughters. I found a local Senior Community where I could live independently in a nice townhome, but there are also assisted and nursing care facilities on the grounds. It is run by Providence Life Services and is a co-op, something I know little about. Can you please tell me your opinions about co-op communities? Thank You

Terry Says

Each one of these communities offers a different arrangement.  The best require a deposit, as well as a monthly payment.  And they offer various levels of care as needed, so you can move directly into a more assisted living facility if necessary.  Some offer a guaranteed return of your initial deposit, but may require a larger monthly fee. I was interested, so I scoured their website and could not find any financial information about how they handle these issues.  So, please do ask them -- and if you have further questions feel free to write back.  I'll be interested in learning more about the financial side of this community.  It looks lovely on their website, and they have many locations -- but the real issue is the cost and the services.

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