Retirement communities, especially Continuing Care Retirement Communities (C.C.R.C.s), promise lifelong care and stability for seniors — but what happens when they face financial trouble? The answer: residents can lose not only their homes but also their life savings.

🔍 Key facts from recent cases:

C.C.R.C.s often require large entrance fees, some “refundable,” but refunds are not guaranteed if the community declares bankruptcy.

Residents are often low-priority creditors, putting their refunds and savings at risk.

Bankruptcy doesn’t just cause financial loss — it forces vulnerable seniors to relocate, disrupting their lives and care.

Recent examples, like Harborside in Port Washington, N.Y., show the devastating effects of financial failures. For Bob Curtis, 88, and his wife Sandy, 84, the promise of security vanished when Harborside declared bankruptcy for the third time in 2023. Now, residents are uncertain about their refunds and futures.

⚠️ What can we do?

Choose rental-based C.C.R.C.s with no large buy-ins to reduce financial risk.

Investigate a community’s financial stability and state regulations before committing.

Consider consulting legal or financial professionals to review contracts.

While C.C.R.C.s can provide incredible care, these financial pitfalls highlight the need for better regulations and transparency in senior housing. Let’s protect our aging loved ones and ensure their final chapter is secure.