When Senior Living Promises Fail: The Aspenwood Company Is the Smarter, Safer Choice
In July 2025, The Wall Street Journal shared the heartbreaking story of Arlene Kohen, an 89-year-old widow who lost her $1 million entrance fee when her continuing care retirement community (CCRC), Harborside in New York, filed for bankruptcy—for the third time. Read the full article here.
According to the report, families have lost at least $190 million across 16 CCRC bankruptcies in the past decade.
These financial failures serve as a stark warning for families exploring senior living options—and highlight why The Aspenwood Company’s rental-based model offers a more secure, transparent, and flexible path forward.
The Hidden Risks of Buy-In Models
Many CCRCs promise “care for life,” but require hefty entrance fees—often ranging from $300,000 to over $1 million—to secure future services. While marketed as security, these fees can be non-refundable, tied to complex contracts, and entirely lost in the event of bankruptcy.
Why It’s Risky:
· No federal insurance or protection for entrance fees (unlike FDIC protection for bank deposits).
· In bankruptcy, residents often become unsecured creditors, with limited recourse.
· The “nonprofit” label used by many CCRCs often reflects tax-exempt bond financing—not necessarily mission-driven care.
Moody’s recently downgraded the outlook for many nonprofit CCRCs to “negative” due to inflation, rising operating costs, and slower post-COVID move-ins.
The Aspenwood Company’s Rental Model: Confidence Without Compromise
At The Aspenwood Company, we’ve designed a senior living experience rooted in flexibility, accountability, and financial peace of mind. Our communities do not require a buy-in, allowing residents and their families to retain control of their capital and their choices.
Here’s why our model stands out: No Buy-In
There’s no six-figure check required to move in. Your money stays with you and your family, giving you more control and financial security.
Flexible Leasing, Stable Lifestyle, Long-Term Peace of Mind
We offer the freedom to rent with the assurance of a long-term community. Enjoy the freedom of month-to-month living backed by the stability of an annual lease. Our simple, transparent terms are designed to adapt to life’s changes—without long-term financial risk. Should your needs change, only 60 days’ notice is required, providing compassion and clarity when it matters most. For independent living residents, we offer 12-month agreements that deliver stability without long-term risk.
Our rental model makes it easy to transition into a new lifestyle without complex contracts or financial entanglements.
Premium Living Without Premium Buy-In
Enjoy resort-style amenities, personalized services, and beautifully designed residences—all without tying up your life savings. We believe quality should be accessible, not exclusive.
Smart, Scalable Support
Aspenwood communities are powered by:
· AI-assisted onboarding to connect residents with others who share similar backgrounds and interests.
· Fall risk mitigation technologies to enhance resident safety and longevity.
· Home health partnerships with organizations like Bayada Home Health Care—offering optional, on-demand care in independent living.
As recently featured in Senior Housing News, our President, Heather Tussing, shared how Aspenwood is redefining aging-in-place by making personalized support optional and accessible—never forced or all-or-nothing.
A Smart Choice
The Aspenwood Company delivers better outcomes.
High Occupancy Rates: Aspenwood communities consistently exceed national occupancy averages.
Operational Excellence: Centralized systems and data-driven strategies power smart growth.
Market Agility: With new construction slowing industry-wide, our rental model provides a lean, scalable, and high-performing alternative.
According to the Genworth 2024 Cost of Care Survey, the national average for assisted living rose to $5,900/month, up 10% year-over-year. Our model makes this level of care accessible—without the million-dollar risk.
Addressing the Needs of Today’s Seniors: The Missing Middle
Harvard’s Joint Center for Housing Studies reports that 45% of Americans aged 75+ fall into the “missing middle”—earning too much for government aid but not enough to afford luxury retirement options long-term. The Aspenwood model bridges that gap.
“Independent living operators must flex with acuity, without sacrificing affordability or quality, to meet the needs of boomers.”
—Tod Petty, Fynn CMO via Senior Housing News
We agree—and we’ve designed our communities to support exactly that mission.
A Message from Our Leadership
Our commitment is personal. Aspenwood’s founders and leadership team have witnessed the fallout of broken promises firsthand, with their own loved ones affected. These experiences inspired us to build a better, more accountable model—one where residents are protected, families are respected, and team members and company supporters are rewarded with long-term success rooted in trust and stability.
Discover the Aspenwood Difference
Join a community where integrity leads the way—no buy-in required. Explore one of our beautifully designed communities today and experience senior living that’s built to support you every step of the way.
Written by – Christina O’Leary