Around 100 people have attended a Rotorua seminar aimed at helping them learn more about retirement villages.
The seminar at the Rotorua Citizens Club yesterday was run by the Commission for Financial Capability. More than 12 per cent of people over 75 are in retirement villages. With life expectancy steadily increasing it's estimated this number will increase by 100 per cent in 2050.
Presenter and national manager of retirement villages Troy Churton said the commission wanted to help people make the right decisions around their personal circumstances, financial wellbeing and legal situation. He said it was important "to go in with your eyes open" because each village was different.
Gary O'Neale, notary public and partner at Tompkins Wake Lawyers in Rotorua, said several types of legal structures were offered. The most common was a licence to occupy, with no title.
"A bit of a mindshift for the average New Zealander," he said, emphasising how important it was to get proper legal advice from a lawyer with experience in retirement villages.
