This doesn't sound just right to me!
I would appreciate your advice and input because I don't know how to proceed in this matter:
My parents are 92 AND 86, still iving independently in their own home, but we three grown children can see that very soon they will be unable to continue this. Two of us live across the country and my brother lives a little over 2 hours from them. All of us have offered to have them move in with us, but they don't want to.
Brother and his wife found a retirement community close to their house that looks just fabulous -the people there can have their own apartment, eat meals there, they have eveything anybody could want. It cost $2K a month, which our parents can easily afford.
Now here is the part that I don't like: they have to invest a "deposit" of $260K to this community. The community invests it, but my parents get no return. All the interest goes to the company that runs these communities. They operate all over the USA, same people running it. They are calling themselves a non-profit organization, but I don't see how that could be.
They want extensive financial info from my parents, including having a person come out to appraise their house. I know this is not unusual, but my mother inherited a nice sum of money awhile back and she has it in trust funds, annuities etc, and they want papers from all her financial instutitions documenting this.
I told her not to sign the contract until we can get a lawyer to look over this, but now brother and his wife are really putting on the pressure. They want my folks to take a three day "vacation" at the place. I figure they will be a captive audience there and get the really hard sell and probably cave in. The biggest selling point to my mom is that she can have her dog live with her. She does not understand the financial aspects here.
Am I being dumb or does this sound very fishy to you?
I have done an internet search and have not found any really bad stuff about this place, but I wonder if it is so great and there is such a wait list, why did they get approved as soon as the financial info came up? Any thougts you have about this would be really appreciated!