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Posted on 06/10/2025 9:31:54 PM PDT by where's_the_Outrage?
Many seniors across the country would consider their senior living community a safe haven. But for some, these properties turn out to be money traps right when their personal finances are most fragile.
Martha Bray, an 84-year-old Vietnam veteran, found herself trapped in such an unfortunate situation.
After 10 years of living at River Glen of St. Charles, a senior living community near Chicago that she describes as her “dream” home, the property was acquired by two investment companies that swiftly raised rents. She told NBC News that her monthly maintenance surged from $1,395 to $6,500 — a 365% increase.
Unable to pay this extortionate rate, Bray ultimately decided to move out and receive only 75% of the $314,000 entry fee she paid to move in. Based on the property’s value at that time, she estimates her total loss at $100,000.
“I just want people to know not to believe a damn word anybody says,” she told NBC News.
“Your money is not safe.”
Indeed, many seniors are exposed to similar risks when they sign up for these seniors communities. Here’s why the industry’s image as a safe haven is looking increasingly shaky.
(Excerpt) Read more at msn.com ...
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Buyer beware. Ensure there is a limitation on fees. And just because you're a veteran it is not an excuse for stupidity. I would hope the military taught you to be smarter.
Caveat emptor.
These investment companies are also buying up mobile home communities and doing the exact same thing. They buy from existing owners and have transition agreements to have them run the place as they are often out of state groups, but then make up reasons to get rid of the former owners now caretakers, and bring in someone they want to then start imposing the groups real agenda, to greatly increase rent and start charging for pets (in the peoples own mobile homes) and not provide anything more for the huge increases.
Yes I know people who are dealing with this.
No thats not it.
The management they did know, changes. These people cant see the future and predict it coming.
After all, the goal of any company is to squeeze every penny you can out of everyone you can. Laws are for little people. The ones that you squeeze.
And since the entity you signed the agreement with is gone you either have to sign a new one with the new owner or move.
A senior living community?
Lots of fraud in those places. Don’t do it!
And people almost never move their mobile home, because its really a prefab home.
They probably transferred it or sold it to their foreign family members who then turn around jack all fees, everything up, change the contracts etc...Whammo!
There is a place near where we are that is going through this. The old residents are being forced out and since most of the trailers have not moved in the past 50 years they are not in condition to move now.
They are not doing anything to justify the raises they are putting in. I think they just wanted the land.
Recently bought a condo gated 55+ community my HOA fees were $350 when I purchased 4 years ago they are now $750 they have gone up $100 every damn year!! The overall insurance for the property for the pools, golf course, workers comp ins. has gone completely out of control in CA. Last year our swimming pools were closed ALL summer because the insurance company would not renew the insurance without ALL of the rod iron fencing and gates being a foot higher and special combination locks on ALL of the gates, there are six pools on the property and they required ALL or none!! This property is in Palm Desert with temps of 115*-120* in the summer!! I am telling you living in CA. has become an absolute burden if I wasn’t in my 70’s I would get the hell out of this state!! People are INSANE to live in this state and raise a family here!! State has been DESTROYED utterly DESTROYED!!!
NO condos, no places with an HOA, etc.
It's bad enough where you "own" your own property.
> “I just want people to know not to believe a damn word anybody says,” she told NBC News. <
She’s right, of course.
> Buyer beware. Ensure there is a limitation on fees. <
And you are right, too. When entering into any agreement, first go over it with a lawyer you can trust. Pay his hourly fee without hesitation. It’s money well spent.
My grandfather once said that people will steal the eyeballs right out of your head if you let them. He was right as well.
Not what is happening in most cases.
Financial investment groups are buying them up. These groups are often located out of the state where they purchase these mobile home communities. So theynhave no real physical presence there, and they have no connections to the area and people living there.
My thought, when rents and fees are jacked up, that you either have been paying below market or they want yiu gone.
I don’t understand. Selling it implies she owns it, but they say they raised rents?
De facto the same thing. Changes hands, new contracts, everyone gets screwed.
Happens all the time.
I agree.
Where’s Luigi?
Ping for later
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