While retirement facilities offer attractive lifestyle options, understanding your legal rights is crucial. Unlike traditional home ownership, retirement village residents don't own their units outright but instead operate under an Occupation Right Agreement (ORA). With the Retirement Villages Act now 24 years old, significant reforms are being proposed to better protect residents' interests. Learn what these proposed changes could mean for current and future residents.
A new financing option could make the transition to retirement living easier. The recently introduced 'Village Access Loan' by one of the banks allows homeowners to borrow up to 50% of their retirement village entry cost, using their existing home as security. This three-year bridging finance gives retirees more flexibility in timing their property sale and securing their preferred retirement village. Find out how this differs from reverse equity loans and what it means for you.
Kiwis are passionate about property and home ownership. The property landscape can be a complicated one though so here’s a recap of some recent updates.
