age restriction

[bkcunningham1]

I'm a little confused about the age restrictions for TVs. I know the literature says it is 55 plus community. Some of the TV reps we have talked to have led us to believe that you can be younger than 55 under "certain circumstances". But, to be honest, my head spins trying to pin the TV realtor we have talked to down to explain this to me. We are packed and ready to come down tomorrow and start looking at preowned homes on Saturday. I'm confused....can someone help 'splain this to me??? BK

[redwitch]

By law, only 80% of homes can be restricted to 55+ in a senior living community (this is national, not just Florida). So, at least 20% of people under 55 can buy here. However, a development can let more than 20% of purchasers be under 55. Also, if a couple is purchasing, only one of them needs to be over 55 to be in the 80% category.

Another factor is that parents will frequently purchase here and, for whatever reasons, end up with their children or grandchildren over 19 living with them on a year-round basis. Under 19 can only stay for 30 days regardless of circumstances. So, no child brides allowed.

[ajbrown]

By law, only 80% of homes can be restricted to 55+ in a senior living community (this is national, not just Florida). So, at least 20% of people under 55 can buy here. However, a development can let more than 20% of purchasers be under 55. Also, if a couple is purchasing, only one of them needs to be over 55 to be in the 80% category.


Not a lawyer....and I have been wrong before ;), but ....

I think it is just the opposite. By law at least 80% of the homes must have one adult of 55 or older to quality as an over 55 community. They could restrict it so that no one under 55 can buy a home in an over 55 community.

My wife and I tried to buy a home up north in an over 55 community, we were turning 54 and were denied. We were allowed to buy here, for which we are very grateful and happy!

[katezbox]

I believe the sales reps are a bit cagey, because TV wants to have as many over 55 as possible. JMO. TVs core market is 55+ so having too many under 55 would weaken their brand/message.

Our realtor was straight about this with us - said we would need to apply for the under 55 waiver - then learned that the hubs was 56!

I know of one under 55 that was told by their realtor that they try to accommodate retirees from our armed forces if at all possible.

[ajbrown]

Not a lawyer....and I have been wrong before ;), but ....

My wife and I tried to buy a home up north in an over 55 community, we were turning 54 and were denied. We were allowed to buy here, for which we are very grateful and happy!

To be clear when we looked into it a bit (no lawyer, just Internet research and friends) the association could not prevent us from buying the home up north, we could just not live in it until one of us was 55. Since we did not have an extra $200 K laying around for a place we could not live in we passed :)

[graciegirl]

I think it is pretty wonderful that we have chosen a retirement community that draws younger people....
however
if it turned into a community of all ages I wouldn't like it as well. I love children, I taught little people for a long time,I find them endlessly fascinating, I enjoy young people in their teens and twenties and thirties, (but they are still going about the business of doing business,learning business and parenting business) so for now I love the company of my grown up, wild dancin, fast talkin' funny, wise, been there, done that peers and that is why I chose TV. 45 and above fine.....but where and when do you draw the line? EVERYONE loves it here.

[Ooper]

My wife and I were both 49 when we ordered our home built here. Took posession and moved in when it was completed. We never had to apply for an under 55 waiver... but then again, rules change.

[sschuler1]

We just moved into our new home 4 weeks ago, and my hubby is 53 and I am 49. There was never an issue!

[Bryan]

The 55+ Community designation means a lot of things. In 80% of the homes, one person on the deed must be over age 55. By meeting that criteria, other "good" things happen. For instance, this helps us maintain our "golf cart community" status and there are some municipal tax breaks associated with the 55+ Community thing.

[chacam]

For instance, this helps us maintain our "golf cart community" status and there are some municipal tax breaks associated with the 55+ Community thing.

Can you elaborate on these two comments ?

[Bryan]

See Florida Statue 316.2125 - Operation of Golf Carts Within A Retirement Community, for specifics on that issue. As for the various individual and municipal financial (tax) advantages of being a "retirement community", I am not near smart enough to know all those. I do know they are allowed to (but don't have to) double certain property tax exceptions such as the Homestead Exemption, for retirees. Since it takes a developer some degree of "work" to qualify as a 55+ community, maybe ask the developer or local government why they bother.