When it comes to finding the right retirement community, 55+ communities are a popular option for many seniors. But what exactly are these communities, and what do you need to know before making the move?
First, it’s important to understand the rules. 55+ communities are typically age-restricted, meaning that at least one person in the household must be 55 years of age or older. These communities are designed specifically for older adults who are looking to live in an environment that caters to their needs.
The federal government passed the Housing for Older Persons Act (HOPA) in 1995, which allows these communities to be exempt from age discrimination laws. In order to qualify for this exemption, the community must meet certain requirements such as having at least 80% of its residents over the age of 55 and having policies and procedures in place to ensure that age restrictions are followed.
So who is allowed to live in these communities? Typically, only individuals who meet the age requirements and their spouses or domestic partners are allowed to live in 55+ communities. However, there are some exceptions to this rule. For example, if you have a child who is under the age of 18, they may be allowed to live with you in certain circumstances.
When it comes to financing a home in a 55+ community, there are some factors to keep in mind. Since these communities are age-restricted, it may limit the pool of potential buyers when it comes time to sell your home. This could affect the loan process, as lenders may view this as a higher risk loan. It’s important to work with a lender who has experience with these types of communities and can help guide you through the process.
Another important aspect to consider when moving to a 55+ community is the location. Each community has its own unique features and amenities, so it’s important to find one that suits your lifestyle and preferences. For example, some communities may have golf courses or fitness centers, while others may offer more social activities or cultural events.
Navigating the world of 55+ communities can be overwhelming, which is why it’s important to work with a local real estate agent who has experience in this field. They can help guide you through the process, answer any questions you may have, and help you find the right community to fit your needs.
In conclusion, 55+ communities can offer a great living option for seniors who are looking for a community that caters to their needs. Understanding the rules, qualifications, and loan process is key when considering a move to one of these communities. With the help of a local real estate agent, you can find the right community for your lifestyle and preferences, and make the transition to retirement living a smooth and enjoyable experience.
To schedule a consultation with one of our team members to discuss your goals, fill out the form below and someone will contact you shortly.