university retirement community / financial practices
My parents lived there and I have some serious concerns about their financial practices. They claim to be a non-profit organization which means that they do not have to pay property taxes but then they feel that they have a right to charge up to 412K in a non-refundable entrance fee and and monthly dues on top of that. They claim to be a non-profit organization and tell prospective residents that they will refund their money for up to 36 months at at an amortized rate and assist them if they have financial problems down the line. However it appears that the opposite is true. I have heard of a individual that moved in there and died one week later, URC refused to refund the money to the family that had taken out second mortgages on their homes to pay for their exorbitant fees. I have also heard that the kicked out a couple that lost all their money when the stock market crashes leaving them with nothing. This is not the philosophy of a non-profit organization but clearly one that is motivated by profit and less about the welfare of its residents.
Before my parents moved in there, they had a house that was paid for and were financially secure. They were not happy there and moved out but URC refused to refund the money that they had given which amounted to almost half a million dollars in the time that they lived there.We launched a formal suit that they knowingly lied to the judge about the course of event that led up to my parents departure, My family is in a financially compromised position and are struggling to overcome the huge financial loss. Their contract further states that resident will have no say in management decisions and I am wondering where are the provisions for people that are dissatisfied with their experience there. If you don't mind handing over thousands of dollars and having no say as to what happens to you after you move in, feel free to hand over your life savings and free will, go ahead but read the fine print as you might find yourself broke and homeless having given this organization every penny that you have.