[advp007]

Recent commentary about this has brought a question to mind. What happens when the senior citizen parents pass? What, if any, restrictions are there to the ownership of the house? Can the kids move in? Are they required to sell the house? Are other senior communities different in this respect?

If the heirs have no restriction as to ownership and residence it seems that in time the senior citizen community will disappear.

[justjim]

I think most of the time the house is sold by the heirs to another 55 or older person and the money split among the children.

[Sandtrap328]

Thought provoking question, to say the least. I am under the impression that up to 20 percent of the homes could be owned by under age 55 people. I have no idea if this is somehow monitored but I doubt it.

[redwitch]

Technically, a 5 YO could own the home, but could only live in it 30 days a year until age 19. Most adult children who inherit here quickly sell the house. A few keep it for vacation, rental purposes. A very, very few actually move into the homes. There are some issues worth worrying about. I don't think this remaining anything but a very active retirement community is one of them.

[Warren Kiefer]

Originally Posted by justjim

i think most of the time the house is sold by the heirs to another 55 or older person and the money split among the children.

adult children can live in the villages with no restrictions.

[Taltarzac725]

Originally Posted by Warren Kiefer

adult children can live in the villages with no restrictions.

Now I am 56 but we moved here from Palm Harbor in 2005. I was 46 when we moved here around June 20, 2005. Not sure of the date. The only thing that seems different from my parents is the color of my Villages ID card. Mine's blue: there's are green. http://www.districtgov.org/departmen...01.15.2015.pdf

I have no idea what happens when my parents' pass if that happens before I do. The will determines that.

[Topspinmo]

I don't think there any control over resales. Anybody over 19 could buy? There is no census taken on who living in nor does one check. Any 19 year old or older could live here of grandma inheritance if they don't have kids. With 55 thousand house I bet some kids are sneaking in?

[Bavarian]

Our Sales Rep said at the time there was no restrictions on resales, especially with young outside Realtors, said don't worry, no young people would want to move here. Can IO sell you a bridge I own?

My parents bougt in the '70s a Condo in Germany to use for long vacations. All people their age. The owners are dying out or moving to Nursing homes. Now these were small one bedroom one Bath apartments. But one family with kids bought two and made one big one. Now kids on bikes leaving main door locks open, not so good.

[Bonny]

A couple in our neighborhood both passed away. The kids come once in awhile, but they rent it out most of the time.

[graciegirl]

Originally Posted by Topspinmo

I don't think there any control over resales. Anybody over 19 could buy? There is no census taken on who living in nor does one check. Any 19 year old or older could live here of grandma inheritance if they don't have kids. With 55 thousand house I bet some kids are sneaking in?

Yes they do keep track. Our senior citizen community is underal federal housing guidelines. It is the people whose names are on the deed that count. You had to have a picture ID to get any permanent ID. It is a DEED restriction not a HOA rule. So the 80/20 thing is goin' on. But we know what group causes the most headaches.

But lots can get around this by being Lonnnnnnng time guests.

I can't see how any can think that the younger people are anywhere near 20per cent yet.

[Challenger]

Originally Posted by graciegirl

Yes they do keep track. Our senior citizen community is underal federal housing guidelines. It is the people whose names are on the deed that count. You had to have a picture ID to get any permanent ID. It is a DEED restriction not a HOA rule. So the 80/20 thing is goin' on. But we know what group causes the most headaches.

But lots can get around this by being Lonnnnnnng time guests.

I can't see how any can think that the younger people are anywhere near 20per cent yet.

Actually, my understanding, is that quota has nothing to do with the number of people in TV. I believe the restriction is that the number of homes with 1 or more occupants, age 55 and over must be no less than 80 % of the total dwellings.

Now that I have made a firm statement of fact, maybe I better check again

[OldManTime]

Originally Posted by Warren Kiefer

adult children can live in the villages with no restrictions.

Until they are arrested for drunkeness, drugs, and jailed for hopefully a long time. Grandparents & Parents wake up, take the blinders off, its called "Tough Love"

[Dr Winston O Boogie jr]

Originally Posted by Taltarzac725

Now I am 56 but we moved here from Palm Harbor in 2005. I was 46 when we moved here around June 20, 2005. Not sure of the date. The only thing that seems different from my parents is the color of my Villages ID card. Mine's blue: there's are green. http://www.districtgov.org/departmen...01.15.2015.pdf

I have no idea what happens when my parents' pass if that happens before I do. The will determines that.

The blue card indicates that they name is on the deed.

Eighty percent of the homes in any 55 and older community must be occupied by at least one person over the age of 55.

People under the age of 55 are allowed to own properties. 100% of the homes could theoretically be owned by people under the age of 55 as long as they are occupied by at least one person over the age of 55. It is possible, though highly unlikely that as many as 80% of the residents could be under age 55 and still be in compliance.

The check is the Villages ID card. Even when resales are done through non-Villages agencies, they occupants must apply for an ID card.

The 20% rule was created in order to allow some room for spouses and heirs left behind when an owner passes.

My wife is much younger than I am and it's very likely that I pass on before she reaches 55. She will be allowed to stay because of that rule.

The 80% rule is actually a federal law defining over 55 communities. It allows them certain variances with regard to schools and other IRS regulations. It also circumvents age discrimination laws.

[Dr Winston O Boogie jr]

Originally Posted by graciegirl

Yes they do keep track. Our senior citizen community is underal federal housing guidelines. It is the people whose names are on the deed that count. You had to have a picture ID to get any permanent ID. It is a DEED restriction not a HOA rule. So the 80/20 thing is goin' on. But we know what group causes the most headaches.

But lots can get around this by being Lonnnnnnng time guests.

I can't see how any can think that the younger people are anywhere near 20per cent yet.

I don't think that that's correct Gracie. It has nothing to do with the names on the deed. Anyone can own a home here. The law is about occupancy. I know of a real estate agent that owns several homes and rents them to people over the age of 55.

[Dr Winston O Boogie jr]

Originally Posted by Warren Kiefer

adult children can live in the villages with no restrictions.

True as long as they are over 18.