I have two “neighbors” (both women) who are 94 and 97 years old. They are living in their long-owned homes but require a lot of care for daily living, of which the burden falls on their 60/70-something children, who live in the same neighborhood. Women can live a long time, especially those from the “Greatest Generation” who never drank or smoked and never had the stresses of a FT job (except maybe for a very few years during WWII). See my relevant post of today:
This isn’t a good deal for any “investor.” Also, without the whole process of taking $75K in “rent” in “advance of need” being videotaped (to prove she had “sound mind”) with her attorney by her side, as an investor, I wouldn’t touch it with a ten foot pole. Her “heirs” could slap you with a lawsuit for fraud and elder abuse, especially if she died soon after moving into the property which was to be her “life estate.” And rightly so, they could very well win a judgment in this day and age.
Caveat emptor to both sides of this “shady deal.”
OP, if the only reason your client wants to sell her (inexpensive) condo in Fresno (or AZ/NV, etc) is to move to a more hospitable climate (SD) at this late date, she should have thought of this at least 20 years ago and planned accordingly.
A lot of people have a “dream” to “retire” in a CA coastal county but realize it can never be a reality because of the choices they made earlier in life. It is what it is.
