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.