Heirs and ownership of homes?
 

Like many homeowners, our heirs will more than likely be well under the 55 year old requirement for original purchase of a home in TV. Does this mean they will have no choice but sell the house or are they able to maintain ownership and come as occasional visitors?

There are primary residents in The Villages who are under 55. We were told that they allow--I believe 20%---under that age. The only stipulation is that they could not live here full time if they had children under the age of 18 who were still living with them.

SAndy
That is my understanding also. Recognizing many if not most heirs could be only in their 40s, its not a matter of them being "required" to sell the property because of deed restrictions if something would happen to the current owners. In all likelihood they would sell for financial reasons or they are just not ready to accept this type of lifestyle. The 40 year olds still have a primary residence and Job up north and simply cannot afford (even though the home may be free) the upkeep of a second home in Florida, paying taxes, utilities, amenity fees and other expenses for the minimal amount of time they would spend here. They would be better off selling the home in TV and using the proceeds for what they do today..or better yet, to put the funds aside to supplement their retirement whenever that would be. TV may be our Utopia today but who knows, there could be another "TV like" development somewhere 10-15 years down the road.

I find it hard to believe that there would be all that many heirs in their 40's. Our oldest "kids" are already 40 and we are a L-O-N-G way from kicking the bucket. Many people today are living into their 80's with children in or nearing their 60's.

While I wouldn't mind leaving something for my heirs when I am gone, it is at the bottom of my list of goals in life. If they are lucky enough that we haven't spent it all, well, they can divide it up anyway they see fit. My 3 children would have trouble sharing one house anyway, so I suspect selling and splitting proceeds is the only way they would be OK.
If part of your consideration in buying a home here (or anywhere) is what happens to it after you're gone, perhaps you are over analyzing the situation a bit.

Another Linda pick 40s or pick 60s ...Your response added nothing to the discussion. I would think most 60 year old heirs would be going through the same thought process we all did to get here today. Not certain having a house provided to them (free)would be the reason one would want to move here.

Bottom line for me ...I agree with Steve!

Really? guess I thought it did. well, just ignore me then.

The restrictions to people being over 55 to purchase homes in the villages is for the NEW CONSTRUCTION only. anyone, any age can be resales in the villages. They just have to abide by the covenants. Like no children. There is no percentage to people under 55 buying resales in the villages.

:agree::agree:


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linda, i thought your comment made a lot of sense, steve, i also agree with u, can't say i agree with 784....don't worry be happy......gn

Alemorkam:

I purchased a NEW CONSTRUCTION villa in December 2008 and was only 50 years old! I was told I had to be approved. Since I am single and have no children, I was told approval was just a formality.

Another Linda:
You took the words right out of my mouth. You directly answered the original posted question. I agree with you whole heartedly

A harder question to answer
 

i didnt say Lindas comments made no sense.. of course there are all age groups in the villages who have heirs of all ages ..probably some in their 20's or 30's to teh 60's. Everyones situation is different.

The Original poster was not asking what age your heirs would be

" Like many homeowners, our heirs will more than likely be well under the 55 year old requirement for original purchase of a home in TV. Does this mean they will have no choice but sell the house or are they able to maintain ownership and come as occasional visitors?"

I read the post to ask a very good and "difficult question to answer"...Would your heirs move here (at whatever age) or would they more likley sell??? Now thats a harder question to answer.

I liked her response.

I agree with Steve. Do a reverse mortgage, life time annuities and spend all the money.