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Balance Aged Care Specialists

Are there any limitations to buying into a Retirement Village?

Yes, you can only buy into a retirement Village IF you are over 55 years of age. Some villages prevent anyone from living in the village if they are under 55. This might be a limitation for someone who has a disabled son or daughter living with them who is under 55 years of age.

The names of the people on the lease/licence must live in the dwelling. This can potentially be a problem, where someone owns the lease or licence in their name, but their sister or brother moves in with them. If the holder of the lease/licence dies, then the brother or sister might not be able to remain living in the dwelling, unless a new lease or licence is drawn up, which may trigger the existing arrangement ceasing, & the survivor having to pay the new entry contribution (which may or may not be possible).

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What is a Retirement Village?What are the costs for a Retirement Village?If we sell our home & buy into a village how will it affect our pension & can we afford it?How does it differ from Aged care?How do Centrelink treat Retirement Villages?Do we get our money back?Are they Government Guaranteed?Are there any limitations to buying into a Retirement Village?Do we own the property?What is the difference between a retirement village & an Over 55’s community?