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).