Residents of senior living communities often choose these locations hoping for stability and long-term care. However, a recent situation outside Chicago illustrates a growing concern: unexpected increases in monthly maintenance fees. At one community, new owners took over and significantly raised these fees, leaving some residents unable to afford their homes.
"We thought this would be our forever home," said one resident forced to move. The sudden increase placed a significant financial strain on residents, many of whom are on fixed incomes. This situation highlights the importance of carefully reviewing contracts and understanding potential financial risks before moving into a senior living community.
Experts recommend consulting with a financial advisor to create a plan that accounts for potential fee increases and other unforeseen expenses. They also suggest researching the financial stability of the ownership group and understanding the terms of the residency agreement. As the senior population grows, ensuring affordability and stability in senior living communities becomes increasingly critical.
Senior Living Residents Face Rising Costs, Displacement Risk
Some residents of senior living communities are facing unexpected financial burdens. After a change in ownership, one community outside Chicago saw dramatic increases in monthly maintenance fees. These rising costs forced some residents to move out of their long-term homes, highlighting a growing concern for seniors on fixed incomes. Experts are advising careful review of contracts and financial planning to mitigate these risks.
Source: Read the original article at NBC