It's not escrow, it's not a down payment, its a rip-off?
July 27, 2013 5:01 AM Subscribe
My wife's aging parents are moving into an apartment in a retirement community which also has assisted living on-site. They are paying $5,000 a month for the apartment they will be renting. They are also being charged a $350,000 fee that will be held by the organization until all the assisted living costs costs incurred are paid off. The money then reverts to the heirs.They even have a closing yet no property is changing hands. A lawyer has looked at this contract and it is apparently legal. Does anyone know what this $350,000 fee is called? Is it a common practice in assisted living facilities to make aging persons pay this much up front for care?