What to do: buy a new place or not?

[renovation]

I'm looking at buying a home in a retirement village. The requirement is you have to be over 55 to own in there. The wifes folks have a home in this village right now and are in the late 70's and early 80's.

Here is our problem: my wife is 53 and we found a place we like and are planning on paying cash for the house. The thing is we have to put it in her folks name for 2 years due to the written rules of the village. And I need to make the call by tomorrow morning on 1-19-2007. I have talked to management and they will not budge on the 55 rule. The in-laws will do it, but want to add the place into the trust. However, I am not fully sure I like this idea since the wife has 4 other sisters and brothers and both her parents are not in the best of heath. (Not that I think they would die in the next two years either though).

I am just torn as to what to do: pass on the place or take it and in two years have it signed back over to us?

My wife is a nurse and can retire at 55. Me, I have no retirement as I'm self-employed but will keep working in both areas we have homes. Also we plan on keeping the current home we live in now (both homes are in different states and we will be flying between them all year round). Finally our daughter is also in the state where the new home is.

[DarkFury]

If you are buying the place, then why do the in-laws insist on putting it in the "trust"? That doesn't make any sense.

If you can get them to put something in writing stating that the house is yours pending their early dimise, then I'd go for it. Other than that, I guess I would also be very hesitant to go forward with this.

[MikeD]

Red flags...red flags...

As innocent as it may seem, I'd be cautious about this deal as well. I would definitely want something in writing before moving forward.

You can always wait two years. Who knows, a home that you like even more may become available in the same neighborhood.

[Prngr44]

If you are buying the place, then why do the in-laws insist on putting it in the "trust"? That doesn't make any sense.

That made no sense to me either.

[mcs328]

I wouldn't do it. Sounds complicated to me and I've learned it's better to just follow the rules.

[Markel]

I'd be very reluctant to do it. If you're inclined to do it, I would be SURE to talk to a lawyer about possible "gotchas" and how to avoid them with binding legal documents.

[renovation]

Do to all the BS from the park we pulled our offer on the place and we will just keep looking. They are so screwed up there. Also, they could not give me stright reply to some questions I was asking them. Think it is just not meant to be right now.

[tgeb]

Would'nt the age restriction violate fair housing laws?

I mean, if you had a property you could not refuse to sell it to old people, that would be against the law. Right?

[kgsilvas]

Would'nt the age restriction violate fair housing laws? I mean, if you had a property you could not refuse to sell it to old people, that would be against the law. Right?

No, it's been challenged many times and the seniors only places have been upheld in many states.

Sounds like you made the right decision. Between the place sounding less than ideal to work with, and the potential problems with the trust, that house could have become a nightmare for you guys.