Retirement villages swallow vulnerable people’s money.
In an article published by The Senior online magazine, one person who suffered at the hand of a village operator described retirement villages as a "Get Poor Quick Scheme".
Their summary of the ordeal was - “The whole thing from go to whoa, was opaque in terms of the charges, the contracts, the complexity of the arrangements, the fees, the ongoing fees after my aunt passed away. It created a very complex picture on what should have been a pretty simple exercise”.
Another person described their own ordeal as - “To be paying what amounts to a fairly high rent effectively per month on top of the capital you invested in purchasing the unit and then pay a fee of a third of your capital when you leave seems to me to be a recipe for financial disaster so I decided I should get out,”
The article can be seen in full here - https://www.thesenior.com.au/story/5415806/the-retirement-villages-that-swallow-vulnerable-peoples-money/
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