Farrell: Rent or own? Which is best in a senior cooperative?

  • by: CHRIS FARRELL
  • Updated: May 31, 2014 - 2:00 PM

Q: I am very interested in senior cooperative housing and have my name on a waiting list. I am 65 and plan to retire in a year or two. I currently own my condo and the mortgage is almost paid off. I am doing fine financially. A couple of my friends are questioning my wisdom and wonder why I don’t move into senior rental instead. They are concerned about the cost of buying a share and fear I may lose that money.

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