Originally Posted by marmac
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.