The Harborside, in Port Washington, New York.
Photographer: Gaia Squarci/Bloomberg
Debt & Savings
Americans Risk Losing Life Savings When Retirement Homes Go Bust
Long Island community residents may lose homes and $130 million
Bob Curtis, 87, and his wife Sandy sold their home in Nassau County three years ago and forked over $840,000 to move into The Harborside, a Long Island retirement home that was supposed to provide care for the rest of their lives.
Then the facility went bankrupt and an effort to sell it to new owners was blocked by New York regulators in October. So now, like nearly 200 others who live there, they could see much of their life savings -- and their new home - disappear.