limitless learning
What is a 55+ Community?
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he U.S. Dept of Housing and Urban Development (HUD) under the Fair Housing Act (FHA) prohibits housing discrimination because of, among other things, age. The Housing for Older Persons Act (HOPA) protects age-restricted communities from being sued by persons who do not meet the minimum age requirements. There are two classifications of exempted communities under HOPA. The first is the 62+ restricted community where every occupant must be 62 years of age or older. The second, and much more common, is the 55+ community where a minimum of 80 percent of the occupied units must be occupied by at least one person who is 55 years or older. HOPA requires age verification procedures be in place to show compliance with this restriction. There are no specific age requirements for the remaining 20 percent except those established by the governing documents, also called Covenants, Conditions, and Restrictions, or CCR’s, for that community. You are well advised to review the CCR’s of any community you intend to live in with a person under 55 years of age. If a qualified person, 55 or older, is the legal guardian of a disabled adult who does not meet age requirements, this person is exempt from HOPA and any CCR’s . Age “targeted” communities have no actual age restrictions but typically have master bedrooms on the first floor and lawn maintenance included in the HOA dues. All these types of “senior” communities are called “Active Adult Communities,” a title that has no legal definition.
Karen Spell, Broker, SRES, J.D., 55+ Community Expert Helen Adams Realty 321-279-1384 kspell@helenadamsrealty.com PurplePineappleRE-NC.com
44 LimitlessMagOnline.com | April 2020
True Wealth – Exploring Possibilities
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ife is full of transitions. From high school to college to first employment, from single to married to family, and now, from career to this time called retirement. Each phase gives us purpose and new goals. The definition of retirement itself has been about closure; “…to withdraw from occupation or an active work life.” But there is a problem with that definition. Our generation sees it much differently, and not as an ending one. Perhaps we Boomers should call it exploration, not retirement? The definition of explore is “to examine or evaluate possibilities.” We are explorers, not withdrawers. How can we make the transition more fulfilling? Have a plan and pursue it! In every life stage, money played a prominent part of your goal setting. I propose a new concept for you to consider in your exploration (retirement) planning. Seek to embrace True Wealth. Money matters, and always will, but money does not buy happiness. The most valuable asset we have now is time. What we do with our time should be at the center of our planning. My definition of True Wealth is an accumulation of the people and experiences we enjoy and cherished memories we make. Achieving True Wealth is personal. Opportunities are limitless. You can dream big, plan well, and go after the things that mean the most to you. In each issue, my columns will strive to provide you with ideas and information to help you define what True Wealth means for you. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.