As parents and relatives get older they may have to change their accommodation from their home to a Retirement Village or Aged Care Accommodation or look at a Reverse Mortgage arrangement to enable them to remain in their own home.

These forms of accommodation are very different, in financial terms, to living in your own home.

The financial arrangements can be complicated and vary from Retirement Village to Retirement Village. There is no Standard Contract, as is the case when buying a home, and the form or Ownership fees and charges and the services provided can vary. It is important that you get Independent advice, which clearly explains the terms of the agreements, what you will pay on a regular basis and the charges that will be payable when you leave the Village.

What are Deferred Management fees? When are they payable? Do I own my unit or do I have a lease or a licence? What is the difference? Am I guaranteed that I can remain in my Unit even if the Operator changes?

If I leave the Village do I get any capital gain on the value of the Unit? When are the monies payable? If I have to move to an Aged Care Facility will I have funds to pay an Accommodation Bond? What other fees are payable and when?

Neville Windebank and Mandy Greenlaw both have over thirty years’ experience, advising both intending residents and their families of the intricacies of these arrangements.

If you are contemplating a move for yourself or for a family member we can assist in reviewing the documents and explaining the terms of the agreements and the advantages and disadvantages.

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Call 03 9800 7500