Is this info correct??

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  #1  
Old 05-18-2011, 11:12 AM
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Default Is this info correct??

I was under the impression that in any 55+ community, you could have like 15 to 20% of owners under 55 years old.
When I bought my house in The Plantation, my age was not even asked. I was in my 40's.

A person I know was seriously considering moving to The Villages. He is under 55 and single.

He called The Villages and was told no....that the rules are that one person in the house MUST be 55 or older. Since he was single he would not be allowed to own or rent there. If that is true, that's fine....I was just surprised.

My wife and I are now 53. It appears that if I did want to move there, I guess we would not be allowed to. Is that true, or was he given wrong info......

Frank
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  #2  
Old 05-18-2011, 11:15 AM
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I believe the 80% over 55 allows for inheritance by underage owners, and trophy wives under 55.
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  #3  
Old 05-18-2011, 11:19 AM
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Quote:
Originally Posted by faithfulfrank View Post
I was under the impression that in any 55+ community, you could have like 15 to 20% of owners under 55 years old.
When I bought my house in The Plantation, my age was not even asked. I was in my 40's.

A person I know was seriously considering moving to The Villages. He is under 55 and single.

He called The Villages and was told no....that the rules are that one person in the house MUST be 55 or older. Since he was single he would not be allowed to own or rent there. If that is true, that's fine....I was just surprised.

My wife and I are now 53. It appears that if I did want to move there, I guess we would not be allowed to. Is that true, or was he given wrong info......

Frank

We were both under 55 when we bought our home in TV and were also told that Florida law allows for up to 20% of an over 55 community to be under 55.

I don't believe that has changed.
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  #4  
Old 05-18-2011, 11:20 AM
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Read item one from this URL:

http://portal.hud.gov/hudportal/HUD?...aws/yourrights

Unless things have changed, TV will accept folks under 55 as they did for us and we appreciated it. We are now legal .....

I posted the following attempt at humor many moons ago on a different thread

I think TV use this formula for age to determine if you are 55.
age + credit rating - 660. If it is greater than 55 you are all set .
This formula can also be applied to number of dogs....

Last edited by ajbrown; 05-18-2011 at 11:29 AM. Reason: changed wording
  #5  
Old 05-18-2011, 11:28 AM
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Federal law requires 55+ communities to allow 20 percent of the residence to be under 55. What we don't know is whether The Villages currently meets that requirement. Although TV is still growing, perhaps it has enough under 55 owners (people listed as an owner on the deeds) to justify not accepting more. I don't know that, just saying it's possible.

If TV had to accept all prospective homeowners under 55, how could it remain a 55+ community?
  #6  
Old 05-18-2011, 11:30 AM
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Thanks for the link AJ! Nice to know it is a federal not state law.
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Old 05-18-2011, 11:32 AM
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We are in the process of closing on a new house in the Villages. The contract says very clearly that one person in the household must be 55 or older. If there is a law that says something else I don't know about it.
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Old 05-18-2011, 11:52 AM
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Quote:
Originally Posted by Pturner View Post
Federal law requires 55+ communities to allow 20 percent of the residence to be under 55.
This gets stated this way often and I think it is backwards. As always I could be wrong.

The law states that 80% of households MUST have one owner that is 55+ to get whatever benefit the over 55 commiunity gets. It does NOT say the community must allow 20% of the household that are under 55. It is the communities choice as I read it.

To back this up, "My lovely wife" and I were denied buying a foreclosure in an over 55 in Norton, MA as neither of us were 55. This was after we were owners in TV
  #9  
Old 05-18-2011, 12:14 PM
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Quote:
Originally Posted by ajbrown View Post
This gets stated this way often and I think it is backwards. As always I could be wrong.

The law states that 80% of households MUST have one owner that is 55+ to get whatever benefit the over 55 commiunity gets. It does NOT say the community must allow 20% of the household that are under 55. It is the communities choice as I read it.

To back this up, "My lovely wife" and I were denied buying a foreclosure in an over 55 in Norton, MA as neither of us were 55. This was after we were owners in TV
I believe you are correct aj. Here is a link which says bascially the same thing you said.

http://www.floridacondohoalawblog.co...the-8020-rule/
  #10  
Old 05-18-2011, 01:29 PM
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Default Under 55

Wife and I met a couple under the age of 50 just bought about 3 months ago I believe it was Buttonwood and are loving life. I'd check with someone else if I were you.
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Old 05-18-2011, 02:09 PM
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As long as the community is in compliance then the 80/20 rule is correct. When my wife and I moved to The Villages we were 50. The Villages was in compliance and therefore we were allowed to move in.
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Old 05-18-2011, 03:19 PM
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I called The Villages today, May 18, 2011 and was told I couldn't move there because I'm under 55 and have no one 55 and above to live with. I called a realtor there and was told I could live there, so which is it? Can I or can't I move there?
  #13  
Old 05-18-2011, 03:48 PM
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Quote:
Originally Posted by ericstar2k View Post
I called The Villages today, May 18, 2011 and was told I couldn't move there because I'm under 55 and have no one 55 and above to live with. I called a realtor there and was told I could live there, so which is it? Can I or can't I move there?
~~~~~~~~~~~~~~~~~
I was just reviewing my Offering Plan for TV.
#4 states:
"Age-Restricted Community"
The Villages is intended as a housing community for persons fifty-five years of age and older. At least one resident within the household must be fifty-five years of age or older......"
They do make it clear. This was as of this past January.
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Old 05-18-2011, 03:57 PM
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Default Is this info correct

I am sorry to learn about this 80/20 formula because I don't trust anyone under age 60
  #15  
Old 05-18-2011, 04:37 PM
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Quote:
Originally Posted by swimdawg View Post
~~~~~~~~~~~~~~~~~
I was just reviewing my Offering Plan for TV.
#4 states:
"Age-Restricted Community"
The Villages is intended as a housing community for persons fifty-five years of age and older. At least one resident within the household must be fifty-five years of age or older......"
They do make it clear. This was as of this past January.
If that is the rule, it does not seem to be followed or enforced well. Interesting that we would not be able to buy there being both 53....but others clearly have.....

Wonder what would happen if a Realtor sold a house to someone < 55, then that new owner would not be allowed to move in......

Frank
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