Overcharging the elderly
NELSON Mandela’s long-drawn-out final illness emphasised how vulnerable the elderly can be.
At a retirement complex I know, residents pay a monthly levy, plus an exit levy – a proportion of their profit when they sell their homes. When property prices escalated about 10 years ago, this meant the exit levy would also increase. Out of fairness, one might have expected a reduction in the monthly levies to compensate for the much higher exit levy. Instead, they continued increasing the monthly levies, and at fast rate.
The complex dismisses objections, arguing that people signed the contract when they bought into the complex.