Home Buying in Holmdel>Question Details

Mookamama, Home Owner in Holmdel, NJ

can a 45 uear old OWN a home in a senior complex and NOT live there?

Asked by Mookamama, Holmdel, NJ Thu Aug 4, 2011

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Yes as long as the occupants of the unit are 55 years old. The resident will need to provide several documents for proof of age to the Home Owners Association. Often a child under the age of 55 years old with an elderly person will purchase a unit in a senior community. It provides a life style for the parent.
Marylynn Hawkins Senior Real Estate Specialist
0 votes Thank Flag Link Mon Mar 26, 2012
Check the HOA docs. Many communities have the docs on line these days. I would think that you can. Look into a Life Estate, they are simple to do. This way when the senior passes on the house would be yours with lawyers, taxes, etc; To over simplify what a life estate is. It's like having 2 names on a checking account and if one was to die the other would have complete ownership of the account.
Web Reference: http://www.SelectiveMLS.com
0 votes Thank Flag Link Sun Aug 28, 2011
It depends on the rules of the community. I have had clients in their 40s buy a home WITH a relative that was over 55. I also know of a community in southern Ocean County that lowered the age to 48 while they were initially building and then went up to 55 once they had a minimum amount constructed. Your best bet is to find out the specifics from that particular community.

Also, if you are thinking of purchasing for the purpose of renting out...there are a couple of communities that have a restriction where you need to own for a year or two before being allowed to rent.
0 votes Thank Flag Link Fri Aug 12, 2011
by the way, if u buy a new construction, quite often the age is 50.
0 votes Thank Flag Link Thu Aug 11, 2011
Moo,

Being a Senriors Real Estate Specioalist with 1/3 of my business in adult communities in Monmouth/Ocean County for the past 6 years I can tell you that few (if any) will allow a 45 year old to own an AC property even if it for the purpose of renting.

That is mainly due to State law that dictates the ratio of 55 to less then 55 be a certain percentage . . . and they must reserve the under 55 for those who lose signifcant othesr that were the 55 while they may be 50 Case in point, I live in a 55+ community, but I'm under 50.

Francesca Patrizio, Broker Sales Associate, SRES, ePRO
Gloria Nilson REALTORS, Real Living
732.606.2931
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Thu Aug 11, 2011
Agreed - the answer to your question will be revealed in the documentation for the community you are considering - it's a "maybe".

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Aug 6, 2011
Sometimes you can depending on the CC&R's within the community. I would contact the management company directly.
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Fri Aug 5, 2011
Which complex in Holmdel are you referring to? Village Grande?
0 votes Thank Flag Link Fri Aug 5, 2011
I did. But, I was only able to email them. Haven't received any response so far.
0 votes Thank Flag Link Thu Aug 4, 2011
Probably;
But why aren't you asking the Complex?
0 votes Thank Flag Link Thu Aug 4, 2011
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