DeAnn J Simpson #01138722 - Better Homes & Gardens 925/974-7653
You absolutely can help your mom buy a condo in Rossmoor! I am touring in Rossmoor this afternoon. The title companies are responsible for "pre-qualifiying" income for the Golden Rain Foundation. There several "Mutuals" (what Rossmoor calls HOA's), and depending which Mutual your mom might wind up purchasing in will determine the exact income required. It isn't as daunting as it seems, I promise. I highly recommend calling Angel Avery at North American Title and Escrow at 925-930-8800. She will be happy to help you with the qualifications. I can also send you information in email that might help you understand the process as well. Basically your mom needs the monthly HOA/Mutual dues and monthly property taxes multiplied by four to qualify for monthly income. She also has to have an additional $75K in reserves depending on the Mutual, and if she is paying cash proof of that as well. Angel is amazing at figuring out creative ways to allow for income. Please let me know if I can help you find a CO-OP or if you need any other information! 925-708-0008
All of the answers below are right on. Several times I have had children involved in the purchase of the parent's condo or co-op in Rossmoor. You can buy it outright for your mom or you combine resources for the purchase.
If there is a loan involved (yes, you can get a loan on a co-op), you need to be aware of the complexity of such a purchase, especially the long escrow for which you must be prepared.
I'm an Accredited Buyer's Representative (ABR) and a Seniors Real Estate Specialist (SRES). I would be happy to meet with you to discuss your needs and, more importantly, those of your mom. She will love Rossmoor. We've lived there for six years, and it's a wonderful community.