Inquiry Urged into Old Folks Losing Their Homes
By Martin van Beynen, Canterbury Press
February 29, 2008
New Zealand The residents of eight units in the Crossdale Courts retirement complex in Riccarton were told about two weeks ago they had to leave their homes because the owner had not honoured the $1.1 million mortgage over the units.
The shocked residents thought they were secure after a buying a right to occupy the units for life.
The 2003 Retirement Villages Act, which came into force in September last year, required all villages to register with the Companies Office and have a statutory supervisor, unless granted an exemption.
Minister of Senior Citizens Ruth Dyson said she was exploring every legal option to help the residents, and had asked her officials to report to her urgently.
If the Retirement Villages Act was unable to help these sorts of residents it would have to be looked at again, she said.
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