What is a Continuing Care Retirement Community? A Life-Plan Community?

The Continuing Care Retirement Communities (CCRCs), or in some cases also referred to as Life-Plan Communities, typically provide housing for the continuum of your life, along with incredibly engaging and stimulating resources and activities for the active, healthy, independent senior. If as you age, you find yourself needing assistance, these communities typically provide some or all of that assistance within their campus. Hence why they are referred to as Life Plan or Continuing Care.

Generally, there are three different contract types for these communities.

There are three types of contracts offered by Life Plan or Continuing Care Retirement Communities. These include:

An “Entrance Fee” may be required.

To cover the pre-payment of your health care, an Entrance Fee may be required by a CCRC or Life Plan community. Entrance fees can vary widely, some as little as $25,000 and some as high as $2,000,000.  It depends on your location, the level of care you lock-in, the size of your home or condo unit in the community, along with many other factors.  This entrance fee is typically funded with the sale of your home or other assets.

Sometimes selling the home may take some time.  You may find that using a bridge loan to cover your Entrance Fee can give you the breathing room and time to update, stage, and sell your home on your own terms for the best price, compared to having to rush to sell.  We encourage you to explore CCRCs and as you look for ways to cover your Entrance Eee, to give us a call!