[BrianL99]

Originally Posted by Red Rose

Replying to BrianL99. I think you have that backwards. 80% of residents need to be Over 55. 20% can be under 55 but at least 19 years old.

Sorry, I must have been typing in a mirror. Thank you.

The 19 year old restriction, has nothing to do with Federal or State Law, that's a Village's restriction, unrelated to "age restricted housing" laws.

[badkarma318]

Originally Posted by TeresaE

Could have been a reverse mortgage. If the owner(s) have passed away then the reverse mortgage company would be the seller.

Thomas W. Selleck was listed as the owner.

[CoachKandSportsguy]

Originally Posted by Haggar

Bad news. Homesteading only applies to a natural person(s). From what i’m reading llc’s don’t qualify. Llc’s don’t typically quality for the profit exclusion on a primary residence. I would recommend to my clients they put their home into a living trust and get an umbrella policy

Totally agree. .

Unless there is an active business on the property, with 100% of the goal of the property, I would never recommend an LLC method of ownership for a house for the owners. The shield from liability is not worth the cost for a residential owner.

Kind of like Social Security, if you need it take it, but if you don't need it, don't take it.

AND thanks for the heads up on the beneficial statement requirement.

good discussion.

former finance guy

[kansasr]

Originally Posted by RoboVil

So, I came across a house which is owned by a corporation. How is that possible in a 55+ community?

Within The Villages there are over 3,500 homes that have "LLC" in the Owner's Name.

[Haggar]

I called the Sumter county property appraiser's office and they confirmed that if the primary residence is in a LLC or Corporation that the home loses its homestead exemption, the 3% cap on the value and the portability on the home. And I believe the profit exclusion on the sale of the home.

Why would you do this?