[GeeWhiz]

Originally Posted by Vikingjunior

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

The following is provided without further comment: "While these communities focus on serving older Americans, they must still follow fair housing laws and the Equal Credit Opportunity Act (ECOA), prohibiting age-based discrimination."

[Neils]

To avoid the high inheritance tax hit, just spend all you money having fun now, including using a reverse mortgage from our friend the daily advertiser, then there will be nothing much left to tax

[tbat111]

Originally Posted by davem4616

your kids will inherit whatever you leave to them...make sure you have a Florida will though

can they live here....ya

but what difference does it make...the kids will most likely sell the joint anyway and use the cash for something they want

our kids will get whatever is left after we've enjoyed having the time of our lives

what they choose to do with it is up to them

Best Response Ever!!!

[rmd2]

Originally Posted by retiredguy123

Yes, but who decides whether or not you can be included in the 20 percent? Is this rule ever enforced?

The rule doesn't appear to be even though Federal Law requires records to be kept on the 20/80% and young felons appear to be very welcome here.

[rmd2]

Originally Posted by Vikingjunior

As big as TV is I find it would be impossible to monitor that 20%. Even if they did figure a way to monitor this 20% they would have a hard time throwing someone under 55 out if they're already living in TV.

In order to comply with Federal Law that prohibits more than 20% under age living here records are required to be kept. It appears that "records" are not being kept. If they were we would know the ratio of where we are with the 20/80%. After many discussions on this issue the ratio has never been disclosed to us by the developer.

[Joe C.]

Instead of waiting for your children to inherit your house when you die, why not put them on the deed (as tenants in the entirety) with yourself as the owners? You should be able to do this with a lawyer, and have the revised deed recorded in the town or county. The developer wouldn't be involved until the children need a Village ID upon your passing.

[rmd2]

Originally Posted by JoMar

In 1999 the United States Department of Urban Development published the FEDERAL Regulations implementing the Housing for Older Persons Act of 1995. HOPA states that the minimum standard to obtain housing for persons who are 55 years of age or older status is that “at least 80%” of the occupied units be occupied by persons 55 years or older. There is no requirement that the remaining 20% of the occupied units be occupied by persons under the age of 55, nor is there a requirement that those units be used only for persons where at least one member of the household is 55 years of age or older. Communities may decline to permit any persons under the age of 55, may require that 100% of the units have at least one occupant who is 55 years of age or older, may permit up to 20% of the occupied units to be occupied by persons who are younger than 55 years of age, or set whatever requirements they wish, as long as “at least 80%” of the occupied units are occupied by one person 55 years of age or older, and so long as such requirements are not inconsistent with the overall intent to be housing for older persons. Started by the Feds, not by The Villages, not by the State of Florida.

This is correct. A lot of people think the 55+ communities have to allow up to 20% under age here. This is not true. There are lots of 55+ communities right around The Villages that do not allow ANYONE under 55 to live there. The 20% allowance was set up to make sure the retirement community had NO MORE than 20% underage. If said community has more than 20% under age, they can no longer call themselves a "retirement" community.

[rmd2]

Originally Posted by Villagesgal

In answer to your comment about ever hearing that someone couldn't buy a home here due to their age..
We had to wait till the new year to purchase our lot and have our home built because we were 46 and 50 and they had already reached the 20% allowed. We also had to sign documents stating our correct ages and they took copies of our driver's licenses. So yes, they do check and they do limit those under 55. You weren't asked because you were obviously over 55. We received a letter from the Villages when my husband turned 55, so yes they do keep track, but only of those under 55.
Any child can inherit a home here, anyone over the age of 19 can live here as their permanent residence if the 20% under 55 has not been met. As far as those under 55 using the house as a vacation home, there are no regulations regarding that as long as they are over 18.

This is the FIRST time in all the discussions on this topic that I have ever heard anyone say they did have to wait to buy their home because TV was at the 20% threshold. Very interesting. So someone must be keeping records on this as required by Federal Law. To my knowledge it has never been disclosed to the residents here.

[Bogie Shooter]

Originally Posted by rmd2

In order to comply with Federal Law that prohibits more than 20% under age living here records are required to be kept. It appears that "records" are not being kept. If they were we would know the ratio of where we are with the 20/80%. After many discussions on this issue the ratio has never been disclosed to us by the developer.

Probably not required to provide that information.

Don't know what i would do with the information if I had it.

[Debbie Loveless]

We have a friend who lives here that went to the Villages District office and was able to file an application requesting special permission for an adult child under the age of 55 to live here due to medical reasons. They were given permission.

[retiredguy123]

Originally Posted by Joe C.

Instead of waiting for your children to inherit your house when you die, why not put them on the deed (as tenants in the entirety) with yourself as the owners? You should be able to do this with a lawyer, and have the revised deed recorded in the town or county. The developer wouldn't be involved until the children need a Village ID upon your passing.

For tax purposes, it is usually advised to not include your children on the deed because they will owe capital gains taxes when they sell the house. But, if they inherit the house, the cost basis it "stepped up" to the market value at the time of death. Also, putting their name on the deed can be a problem if the children owe money and someone puts a lien on the house.

[Croan]

Mom passed in 2010. She had an updated Fla will and all her assets were in trusts. Brother & I inherited TV house, jointly. I was 54 at the time, Brother was in his 40's. Because her "affairs" were in order, all the assets flowed as she wanted. Easy, except Brother did have to do all that executor stuff. We decided to keep the house - it was a valuable asset to us both. Over the years, I was the one who maintained the property, he and I split the maintenance expenses including taxes. Yes, we lost homestead. We rented to Snowbirds during the high season to recoup some of the expenses. Eventually, Brother asked me to buy him out, which I gladly did. My husband and I have continued to maintain the house, make improvements. We love coming to TV. But we're never here long and every time I "vacation" here, I feel like a newcomer! Even after all these years! LOL!! Now, we're planning to retire in a couple of years and we'll search for a bigger place.
Moral of the story: leave the house to the kids. If they're smart, they'll hold on to it as an investment - as long as they can afford the upkeep, etc. If not, you've left your children a valuable asset to sell!

[ron@jayron]

Of course, a% of villages under 55 can

[retiredguy123]

It is often a mistake to allow more than one person to inherit and share ownership in a house, unless you really know that it will not cause arguments between the children who inherit it. A friend of mine owned an inherited house as joint owners in common (brother and sister) for years and they could never agree on what to do with it. Finally, the brother sold his share of the house to a guy who moved into it with his wife and children. So, the sister was left with half ownership in a house that a stranger was living in, and she could do nothing about it. In my opinion, it is often better to direct the executor of your will to sell the house and split the proceeds among the beneficiaries.

[stebooo]

Of course, why wouldn't they. ?