How to Choose a Retirement Community?
Those interested in investing in retirement communities should do a thorough investigation of the community’s financial position. After recession, several communities have found it difficult to honor their commitments. Many of them are subsisting on bank loans and some are on the verge of closure. Many of the well known Erickson Retirement Communities have sought bankruptcy protection. According to newspaper reports the company’s Ohio facility has already been closed.
There are a large number of retirement communities across the country. These communities have been providing a wide range of assisted living facility. Those who wish to stay here have to deposit a lump sum fee and pay monthly expenses. Communities like Erickson return the deposit after the death of the resident. With recession having hit several communities, the fear is that it may no longer be possible for them to return the deposits.
Financial institutions that have been providing fund to retirement communities have now slowed down their activities. This is primarily because of several negative factors. These include high rates of interests, fall in real estate values, withdrawal of letter of credit issued by banks, and very low investment returns. This has made it imperative to check three things before you decide to move into a retirement community.
These include:
Refund policy: These communities thrive on the interest they get from deposits made by members. Most of the communities have a refundable entrance fees. Many return an amount less than the actual. Make a decision only after you know the actual refund policy.
Business history: Rely on a community that has been in business for many years? These organizations are trustworthy and have proven records.
Accreditation: Always seek a community that is accredited by the Commission on Accreditation of Rehabilitation. AN accredited retirement community usually meets a number of industry standards.
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