Question about large entrance fees for senior housing

Linda Doc

New Member
Location
Philadelphia
A very nice senior housing development was built not far from where I currently live. It has single homes, condos, and apartments. I got some information and found out that for the apartments, depending on the size, you have to put down $114,000 and then the monthly fee is $1,342. I was wondering if anyone here has explored these type of deals and what the pros/cons are. I imagine that the monthly fee, which covers all utilities and other amenities, will increase every year.
 

hollydolly

SF VIP
Location
London England
A very nice senior housing development was built not far from where I currently live. It has single homes, condos, and apartments. I got some information and found out that for the apartments, depending on the size, you have to put down $114,000 and then the monthly fee is $1,342. I was wondering if anyone here has explored these type of deals and what the pros/cons are. I imagine that the monthly fee, which covers all utilities and other amenities, will increase every year.
...also will it cover maintenance, pool cleaning, gardening too?.. it sound very high to me , within a very few years you could be paying a massive monthly outlay...
 

Aunt Bea

SF VIP
Location
Near Mount Pilot
It's not an easy answer, you should have the documents reviewed by an attorney before making a decision.

There is a Kendal community not far from where I live that requires a buy-in plus monthly fee, the buy-in is partially refundable in the beginning and non-refundable after a certain period of time.

https://www.kendal.org/
Kendal is a very reputable company, as far as I know, and they will not accept you if they feel that you don't have sufficient sustainable income/assets.

This type of arrangement would not be for me because I might want to make a change at some point and doing so could be very expensive.

Do your homework, good luck.
 

jerry old

redneck, but brainy
Yes, what happens to the money when you are deceased
I assume it is non-refundable...

I know you purchase your apt in brown and high rise's blds in New York, ...
The states listed are in the east and Midwest. That is a lot of money.

Dallas has high dollar apts for sale here downtown, probably in every large city in this nation.
 

retiredtraveler

Senior Member
"......I got some information and found out that for the apartments, depending on the size, you have to put down $114,000 and then the monthly fee is $1,342...... wondering if anyone here has explored these type of deals and what the pros/cons are. I imagine that the monthly fee, which covers all utilities and other amenities, will increase every year.
Is this a CCRC? We have a number of those in Chicago area. This option guarantees that you will be taken care of if your health, physical and/or mental, deteriorates.

"....Some senior living experts compare the CCRC payment model to an insurance policy. Residents pay more at the outset, when they are relatively healthy, with the understanding that they’ve locked in a price for a greater level of care — assisted living, memory care or skilled nursing — in the event that they need it.
According to the 2018 Genworth Cost of Care Survey, the median cost of a private room in a skilled nursing facility is $8,365 a month and is expected to rise to $11,242 by 2028.
Considering the continued rise in senior living costs, locking in a fee can be a prudent long-term decision......".


If this is a CCRC, there are countless articles about the pros/cons of them you can read for yourself. We have looked at these, we know people in them, and would consider it for us too. Yeah, they're expensive, but as the quote states above, it's insurance. Also, the money is sometimes refundable, or partially refundable, under certain conditions. You will have to look at your contract.
 

jerry old

redneck, but brainy
A huge expense for all states is for nursing home care, any way they can cut expenses
will be securitized.
 

Linda Doc

New Member
Location
Philadelphia
Original Poster
Is this a CCRC? We have a number of those in Chicago area. This option guarantees that you will be taken care of if your health, physical and/or mental, deteriorates.

"....Some senior living experts compare the CCRC payment model to an insurance policy. Residents pay more at the outset, when they are relatively healthy, with the understanding that they’ve locked in a price for a greater level of care — assisted living, memory care or skilled nursing — in the event that they need it.
According to the 2018 Genworth Cost of Care Survey, the median cost of a private room in a skilled nursing facility is $8,365 a month and is expected to rise to $11,242 by 2028.
Considering the continued rise in senior living costs, locking in a fee can be a prudent long-term decision......".


If this is a CCRC, there are countless articles about the pros/cons of them you can read for yourself. We have looked at these, we know people in them, and would consider it for us too. Yeah, they're expensive, but as the quote states above, it's insurance. Also, the money is sometimes refundable, or partially refundable, under certain conditions. You will have to look at your contract.
I took another look and it's tied to a local hospital system, and yes, the money is partially refundable. Thanks for the heads-up.
 

Pecos

Senior Member
Location
South Carolina
It's not an easy answer, you should have the documents reviewed by an attorney before making a decision.

There is a Kendal community not far from where I live that requires a buy-in plus monthly fee, the buy-in is partially refundable in the beginning and non-refundable after a certain period of time.

https://www.kendal.org/
Kendal is a very reputable company, as far as I know, and they will not accept you if they feel that you don't have sufficient sustainable income/assets.

This type of arrangement would not be for me because I might want to make a change at some point and doing so could be very expensive.

Do your homework, good luck.
Thanks, this is good information.
I looked at their site, and they are a bit "spendy."
 

Manatee

Well-known Member
Location
Florida
We own our condo apartment in a 55+ community. We pay $315 monthly which covers building maintenance, water, sewer and maintains roads, 2 recreation centers and pools plus a 9 and an 18 hole golf courses.
No "buy in" but for continuing care you are on your own. 9000 residents. Beach is about 20 minutes away.
 

Myquest55

Member
Location
Happily in MAINE
Compared to the ones we have looked into that is REALLLY CHEAP!! Every Retirement Community has different rules and operates differently so you should compare a few before you decide. We have visited several around us - open house or by appointment. With all the buy-ins we have seen you usually get at least 90% back when the unit is vacated (you die, you move, or go into nursing care, etc. ). The fees usually cover at least one meal, access to meeting rooms, exercise rooms, and other facilities. There is usually a waiting list - several new communities in New Hampshire have an 8 year wait to get in!
 

treeguy64

Hari Om, y'all!
Location
Austin, TX.
My dad had to put down $77,000, fully refundable to heirs, upon death. Weird deal. He paid $1350/mo. This was a luxury, highrise condo, in the early 00's. It had fine dining, a workout room and full hospital, in back. He had a workroom with all the tools he needed, all to himself, in the basement.

The "doctors" discovered stomach cancer based on a shadow in an x-ray. Suddenly, he was given radiation and chemo, even though they never did a biopsy. It was all a scam. His apartment could be sold for much more money, a far greater deposit. The treatments killed him, a little later down the line. I had to threaten legal action to get his deposit released to his step daughter.

I'd avoid any of these places like the effing plague!
 

moviequeen1

Well-known Member
Location
Buffalo,NY
It's not an easy answer, you should have the documents reviewed by an attorney before making a decision.

There is a Kendal community not far from where I live that requires a buy-in plus monthly fee, the buy-in is partially refundable in the beginning and non-refundable after a certain period of time.

https://www.kendal.org/
Kendal is a very reputable company, as far as I know, and they will not accept you if they feel that you don't have sufficient sustainable income/assets.

This type of arrangement would not be for me because I might want to make a change at some point and doing so could be very expensive.

Do your homework, good luck.
My late parents lived at Kendal in Hanover,NH from '92-'03,loved living there. These retirement communities are usually located near a university/college.My siblings&I always felt like it was second home when we visited them.When we were little,we spent part of our summer vacations near there,we knew the area.My dad was a Darmouth grad
 
A very nice senior housing development was built not far from where I currently live. It has single homes, condos, and apartments. I got some information and found out that for the apartments, depending on the size, you have to put down $114,000 and then the monthly fee is $1,342. I was wondering if anyone here has explored these type of deals and what the pros/cons are. I imagine that the monthly fee, which covers all utilities and other amenities, will increase every year.
get a trustworty lawyer gereritic local hospitals have access you can do better than than..
 

Michella A

New Member
Location
Michigan
114000🤯 :oops::oops: & here I was complaining about the 5500 entrance fee for a residential Assisted Living Place. I may need to reconsider it did include a lot of amenities.
 

MarciKS

Whatever...
Location
Somewhere USA
I recently read an article online about a new form of senior living that sorta sounded a little more communal. In it they were talking about elderly living apartments where the dwellers would move into and essentially have their own community and look after each other as a more affordable alternative to nursing homes. They have already started little communities in the wings of nursing homes. I think it's perhaps an answer to overcrowding and costs. Might be worth looking into.
 

Liberty

Senior Member
Location
Texas
I recently read an article online about a new form of senior living that sorta sounded a little more communal. In it they were talking about elderly living apartments where the dwellers would move into and essentially have their own community and look after each other as a more affordable alternative to nursing homes. They have already started little communities in the wings of nursing homes. I think it's perhaps an answer to overcrowding and costs. Might be worth looking into.
If you run across an article on it, please post it as forum folks might really be interested in it. Thanks in advance.
 

OneEyedDiva

Senior Member
Location
Nrw Jersey
Doesn't sound reasonable to me.
What Is the $114,000 for, buying the apartment? I never heard of buying an apartment.
Me either.. our senior apartments around here are all leased.
When people buy condominiums, they are buying their apartments (sometimes called units). I live in cooperative housing (aka co-op). Technically I bought one share in the co-op but in reality, I bought my apartment. It's not a senior complex per se, but many of us are seniors now. I bought it when I was 24, going on 49 years ago.
 

sehr alt

New Member
My dad had to put down $77,000, fully refundable to heirs, upon death. Weird deal. He paid $1350/mo. This was a luxury, highrise condo, in the early 00's. It had fine dining, a workout room and full hospital, in back. He had a workroom with all the tools he needed, all to himself, in the basement.

The "doctors" discovered stomach cancer based on a shadow in an x-ray. Suddenly, he was given radiation and chemo, even though they never did a biopsy. It was all a scam. His apartment could be sold for much more money, a far greater deposit. The treatments killed him, a little later down the line. I had to threaten legal action to get his deposit released to his step daughter.

I'd avoid any of these places like the effing plague!
I've decided to avoid those hideously expensive options as long as I can. So far it has worked out well. I share my 2 bedroom, 2 bath condo with my son. He lost his job, so I charge him no rent.
 

Buckeye

Senior Member
Location
Ohio
My folks went into a "senior care" facility 6 or 7 years ago. It is run by the Methodist church, and is great. Buy-in was approx. $250k, of which some portion may be refunded when they are both gone. Not sure of the monthly $$. They started in independent living section but were moved into assisted living section, where their meds (and now meals) are delivered and administered by the staff, etc. Next step is a section for those dealing with memory loss and other cognitive functions, and at the end, a hospice section. It is not a small facility, nor is it overwhelming in size.

It is NOT a "condo". You are paying for care, not just a place to hang your hat. It is a great facility, and even if their income becomes insufficient to pay the monthly fee, they can never be moved out.
 


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