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Repayment protection
It is standard practice for retirement villages to repay your capital sum when the unit has been on-sold. However you will want an assurance that in the event the on-sale is delayed for some reason you will be repaid.
“We guarantee that if the new resident has not settled within six months of you vacating your unit, then we will pay you interest on your occupancy advance until it is paid in full.”
This gives us an incentive to on-sell your unit and repay you promptly. Did you know that in over thirty years the longest time a Ryman resident has ever waited is six months to be repaid their occupancy advance?
I have to say that I am extremely disappointed in Ryman's advertising. The reason that nobody has had to wait materially longer than 6 months is that they used to guarantee to repay within that time-frame. The fact that they omit to tell anyone that extremely important fact (and it is clearly the most material reason why this timeframe has never been breeched) with their current advertising and yet state that nobody has had to wait longer than 6 months gives a false impression that people can rely on this six month maximum term going forward, surely ?