University Village Thousand Oaks, the continuing care retirement community in Thousand Oaks, is now offering a solution to the dilemma: the Home Sale Deferral Program.
According to Warren Spieker, vice president of University Village, seniors around the country have been caught up in the housing slowdown and have been unable to move into continuing care and other retirement communities because they haven't been able to sell their houses.
"We've always had programs available at each of our continuing care communities for those residents who needed extra help in selling their houses," Spieker said. "But over the past several months, we've seen a substantial increase in the number of seniors who want to move in but are trapped in their houses because of the real estate market. We recently enhanced and accelerated the deferral program so that residents can start taking advantage of the community's programs and services, as well as long-term care coverage, as soon as possible."
University Village's deferral program offers residents the opportunity to move into their Villa or apartment home, while they work with a real estate agent, to sell their house. The residents pay their normal monthly service fee, which encompasses a package of services, amenities, activities, fine dining, transportation, excursions and more. Residents of University Village also have unlimited access to skilled nursing or assisted living (including Alzheimer's care) in the adjacent OakView Health Center should they ever need it in the future, all of which is included in the program.
The community's move-in experts then work with the resident's agent to sell the house. Once the home is sold, a portion of the proceeds from the sale are used to fund a one-time, repayable entrance fee at University Village.
"Selling your home can be challenging for anyone, but for seniors it can be especially difficult," Spieker said. "Many of our residents have lived in the same house for 20, 30 or 40 years and it's been a while since they've sold a home. We work with them throughout the sale and move-in process to ensure a smooth transition."
Spieker said that the program has already been enormously successful with more than 60 residents having used the Home Sale Deferral Program to defer payments until their house sold.
Allan and Shirley Walter, former residents of Camarillo, Calif., used the Home Sale Deferral Program to expedite their move to University Village.
"The program gave us time to arrange the funds we needed to pay off the balance and to have extra cash," Allan said. – less – More from ZoomInfo »