FINANCIAL REQUIREMENTS FOR PROPERTY OWNERSHIP
LAGUNA WOODS VILLAGE, LAGUNA WOODS
CO-OPERATIVE:
1. Minimum Annual Income $36,000
2. Minimum Asset Requirement; Purchase price plus $125,000
CONDOMINIUM:
1. Minimum Annual Income $42,000
2. Minimum Asset Requirement. Purchase price plus $125,000
TOWERS:
1. Minimum Annual Income
Monthly assessment of the manor plus $1,810. per month, for one occupant. Assessment increases for additional occupants.
2. Minimum Asset Requirement ~ None
ACCEPTABLE ASSETS ARE:
1. Equity in improved residential or income producing property
2. Savings accounts in banks and credit unions
3. Cash surrender value of life insurance IRA, SEP, 401(k) and Kepgh accounts]
5. US, State or Municipal government bonds -Valued at current market prices
6. American traded investments, (NYSE, AMEX, OTC, NASDAQ, ETC) valued at current market prices
7. Mortgages, promissory notes, provided interest is reported on buyer's tax return
GUARANTOR
The mutual will permit the buyer who does not meet the financial requirements to have a guarantor-who must have annual income of at least $72,000 and acceptable assets of at least $200,000 plus the purchase price of the manor.
Anyone who meets the above requirements can buy in Laguna Woods Village. To live in Laguna Woods Village, one resident must be 55 years of age; and second resident can be 45, except a spouse can be any age.
