• SCB@lemmy.world
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    1 year ago

    The agreement is that you get to drive it until you die.

    This was not their rental agreement.

    A more apt comparison would be that I’m leasing a car, and after my lease expires, the next lease has higher rates.

    Well, the company sold and the new owners can’t find enough people with $80k lying around to buy in

    This is the opposite of the situation the property owners are in.

    It would save you a lot of pointless stress if you read the articles you respond to.

    • Overzeetop@kbin.social
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      11 months ago

      CCRC buy-ins/contracts are for life. I used to design the buildings for them, I still do design work on existing facilities. I’ve also gone over a contract with my own parents. You essentially pay full price for a residential “unit” and as you require more care you are moved, without additional cost, into a higher care location. The owners than re-“sell” your previous unit to the next resident. When you die, there is no equity that your heirs will receive - in that way it’s like a lease. The contract is for life with an annual escalation for maintenance and service.