Every year, many older adults sell their home and move into Retirement communities.  These communities offer many facilities, including meal service, activities and some medical assistance.

However, recent news has been breaking about many of these communities running out of money and going bankrupt.  Erickson Retirement Communities; which runs several communities in the DC area; filed for bankruptcy a few weeks ago.

Another community, Ingleside, in NorthWest Washington; had to introduce large fees to cover the cost of increased expenses.  

When picking out your Retirement Home; do your homework.  Don't just look at the fancy facility, the groomed lawns and the list of activities. Look into their finances.  Make sure you know what will happen to your large deposit and your monthly fee should the facility hit a ruff patch.  Look at how their assets have increased or decreased with the recent downturn in the economy.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016