The financial implications of moving into a retirement village will be explored at a free public seminar in Rotorua this month.
Many people do not fully understand the financial consequences when they sign a retirement village contract to buy a license to occupy a unit, Troy Churton, the retirement villages lead at the Commission for Financial Capability, said in a media release.
He said when residents died or needed to move to more intensive rest home care, retirement village companies might not pay out capital until a family's units were relicensed.
![Troy Churton, the retirement villages lead at the Commission for Financial Capability. Photo / Supplied](https://www.nzherald.co.nz/resizer/v2/UTNJU4XX3IU7QLGCUPJ7EW4JGI.jpg?auth=7ff90b88491bdf966cfbd3dd3cf25d27d5177a49f1a600b0c4b289ec9e7c124f&width=16&height=25&quality=70&smart=true)
This can take months in some areas and companies can also demand weekly fees continue to be paid during that time.