|affordable cohousing, not "gated"||<– Date –> <– Thread –>|
|From: Thomas Lofft (tloffthotmail.com)|
|Date: Fri, 22 Jan 2010 08:14:52 -0800 (PST)|
The optimum use of assets for seniors is very important. We often see that continuing care communities require major capital investments as part of a "buy-in" for a residential unit, as do some senior communities, even without a continuing care regime. One strategy to consider, for the senior who desires to have ownership of a permanent home and liquid assets, is to buy/build their home in a cohousing community and then obtain a reverse mortgage to free up their equity value as cash. There are several constraints for reverse mortgages, and I am not in the mortgage business, but they do provide an option to have your home and use the asset value as cash for other expenses, whether they be medical, entertainment, travel, home improvement or additions or whatever.. For others that have no assets at all, then the challenge is to find a social welfare program that will support the purchase or construction of a new home, since the basic cost of construction of any home cannot reasonably be a give-away by a privately financed cohousing community. Date: Fri, 22 Jan 2010 01:04:00 -0500 From: Jan DeKenis <jandk [at] media.mit.edu> Subject: Re: [C-L]_ affordable cohousing, not "gated" To: Cohousing-L <cohousing-l [at] cohousing.org> Message-ID: <email@example.com> Content-Type: text/plain; charset="us-ascii" ; format="flowed" I would add that older adults also can be excluded. It's hard to get a mortgage if one's retired and can't tie up a good portion of one' assets by owning outright. Tom Lofft Liberty Village, MD _________________________________________________________________ Hotmail: Trusted email with Microsoft’s powerful SPAM protection. http://clk.atdmt.com/GBL/go/196390706/direct/01/
- Re: affordable cohousing, not "gated", (continued)
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