This isnt correct. "Independent living" options are soemthing that should be considered. IL is regulated by the State Govt not Federal Govt. "Care facilities" are Federally regulated and what you may be thinking of. Some villages are low cost (almost caravan parks)and others very private and expensive. Find one that suits them.
IL is the name given to "villages" which offer no "care facilities". Like minded retirees aged over 55 live there. The residents may pay a monthly fee which includes all maintenance. Some you buy the property others its a license and some you share capital gaisn etc. Do research. Often water etc is also included. They even change your light globes and gardens etc. Its a great option for people to have own independent accom without the hassles of ownership etc. Our principal lives in such accom and swears by it as a great alternative to traditional home ownership without the hassles. He doesnt pay rates etc.
Where to start ?? Make some enquiries on indepenent retiree living options in the desired region. However carefully check the impact on centrelink first...The sale of own home will trigger cash...And also an asset that counts for Centrelink. There may be some scope to defer the problem by making super contributions and living off this as a pension since the ages here are under the age cap for contributions. Remember its likely to be 100% "undeducted" too. Tax free earnings may appeal? This is where financial advice and aged care advice come together.
This is one of the services we advise on as part of our aged care services. Good advice may make for a secure financial retirement.
Reverse mortagages can be VERY expensive. One of the majors in this area is Bendigo Bank. CAUTION : The initial loan will compound and bendigo expect an agreed share of cap gains.
