Many retirees and people about to retire in the nation’s capitol are learning that all the money they’d set aside for their golden years is at risk. What’s the conventional wisdom for people preparing to transition from a paycheck to a Social Security payment? Pay off your mortgage. Reduce your debts and expenses.
But when seniors buy a piece of managed housing, a condo, townhome or apartment unit their neighbors now have access to every dime those older folks own. Rising HOA or condo fees and special assessments aren’t things that homeowners can decide not to pay. And the elderly who get behind in their dues are promptly foreclosed upon, their property turned over to association lawyers and auctioned off to pay massive legal and collection costs.
The story linked below is worth reading, understanding, and passing on to others. If you have equity in your home, and if you’re elderly you have a huge target on your back.