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Old 11-22-2009, 12:52 AM
 
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My parents are thinking of moving into one in the future. Quick question - anyone knows what happens to the house after the owners pass away? What if the kids aren't over 55? (Currently I'm 23). Are they forced to sell it back to the community because they can't live in it? Do they have to pay taxes on it?

Last edited by NYCAnalyst; 11-22-2009 at 01:09 AM..
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Old 11-22-2009, 09:18 AM
 
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Quote:
Originally Posted by NYCAnalyst View Post
My parents are thinking of moving into one in the future. Quick question - anyone knows what happens to the house after the owners pass away? What if the kids aren't over 55? (Currently I'm 23). Are they forced to sell it back to the community because they can't live in it? Do they have to pay taxes on it?
A number of existing threads on the topic and the Delaware and Florida forums have a number of threads. What you are asking is a good question and one of the down sides of 55 plus communities. I have had a number of people whom I have asked this question to, say thats my kids problem I won't be around. If they leave it to you in the will and you want the proceeds it will be your problem to solve.
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Old 11-22-2009, 12:04 PM
 
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Really no different than any other situation.

I'll bet in most cases, if a house is left to --the kids-- it ends up getting sold anyways with the money divided.
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Old 11-23-2009, 07:18 AM
 
Location: Central Fl
2,901 posts, read 6,610,401 times
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Originally Posted by marmac View Post
Really no different than any other situation.

I'll bet in most cases, if a house is left to --the kids-- it ends up getting sold anyways with the money divided.
Agreed. The law states that 20% of the owners in a 55+ community can be less then 55 yrs old. In fact, they only have to be over 19 years old. We have noticed the trend of younger people buying homes in our 55+ community. The catch is that you cannot have kids under 19 living there for more then one month.

This means more empty nesters can and are buying these homes....even though they are not retired yet and are working full time. I am one of them. I was never even asked my age when I bought, and I was in my 40's.

The reality is that if you are left one of these homes, the chances are that you would probably not want to move there because you are already all set up where you are. But the facts are that if you DID want to move there, you probably could, as long as you do not have kids living in your home younger then 19.

Elderly folks who own these homes pass away everyday after enjoying their home for many years. The relatives inherit the home and usually sell it as stated.

It is no big deal or "problem" at all.........a non-issue.

Frank
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Old 11-23-2009, 12:33 PM
 
Location: colorado springs summer/east valley Az winter
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ensure that you read the HOA of the particular park they are thinking~ some assn's will allow younger to own and use~ some will not. Some places have av good turnover and are great for resale~ some have all the people move in when park is new and no turnover for years~ followed by wholesale turnover or no turnover. I currently own in 2 parks~ winter residence is great and turning over steadily~ summer residence hadn't turned~ now have had many deaths is park since I bought 9 months ago ~ and am afraid of consequences....hopefully it'll turn as I'm probably youngest in the park!

Hope it turns as I love the park~

ps. 55+ areas for seniors are GREAT

Last edited by deckdoc; 11-23-2009 at 12:36 PM.. Reason: add
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Old 04-14-2010, 06:06 AM
 
Location: Farmington Valley, CT
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Originally Posted by faithfulFrank View Post
Agreed. The law states that 20% of the owners in a 55+ community can be less then 55 yrs old. In fact, they only have to be over 19 years old. We have noticed the trend of younger people buying homes in our 55+ community. The catch is that you cannot have kids under 19 living there for more then one month.

This means more empty nesters can and are buying these homes....even though they are not retired yet and are working full time. I am one of them. I was never even asked my age when I bought, and I was in my 40's.

Frank
Interesting post .... my husband and I are middle aged but not 55, have no kids and often wondered if a 55+ community was even a possibility. Searching for peace and quiet. We want to relocate back to New England but no real estate agents have ever even suggested this option, so I'm guessing this law you mention is only in Florida? There are a lot of nice developments in New England with inventory just sitting there, empty. Maybe it's worth asking about...
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