Is there a minimum or maximum age to buy a retirement living apartment?
Yes, the lease of each apartment states that you may not live in a retirement living apartment if you are under the age limit. That limit varies according to whether you purchase an apartment for sole or joint occupancy. You will usually need to be at least 60 if you are buying as a single person. There is no upper limit, though all purchasers must be able to live independently as retirement living is intended for people who require minimal assistance.
If you are buying an apartment as a couple, then the age requirement is a little more flexible. At least one of you should be over 60, although the other may be 55 or over. You should enquire with the sales executives at each development as to their own particular lease requirementsRead more