Residents revolt against confusing retirement village contracts

Retirement village residents revolt against confusing contracts was the lead story on Channel 9 program A Current Affair.

"Retirees in Victoria are fighting back against retirement village owners making big profits out of their golden years with what they claim are excessive fees.

Many retirement village contracts are confusing, convoluted and densely legal. But through it all, there's one constant: big companies making big profits.

The big gripe these senior citizens have with their retirement village contracts is that they pay large sums of money to essentially lease a unit in a retirement village.

But because they do not know how long they will be there, it is like an open cheque.

Along the way, retirement village operators charge fees for maintenance, services and, if you move into aged care, an exit fee of up to 35 percent of what they paid initially.

But even after you die, the costs continue."

Read the full story at http://www.9news.com.au