THE EMERGING LIFESTYLE OPTION FOR TODAY’S SENIOR
“The Life Lease program seeks to make the transitions easier. It provides housing for seniors who are independent now but may eventually need some kind of support to remain so.” – Christian Courier February 2001
Life Lease housing developments have been around for many years in Ontario and Canada and have spread rapidly in more recent years. This increased popularity is because Life Lease responds to the needs of a particular population group with a common purpose.
Today’s Life Lease housing developments are meeting the challenges faced by seniors. The family home is now too large, with interior and exterior maintenance being too much to manage. The home that once suited their needs, has now become an unwelcome source of frustration. Seniors are looking for a housing option which reduces worry and offers security and peace of mind, in a community of shared values and lifestyles. For many, Life Lease has become the preferred option.
Life Lease housing can be closely compared to condominium ownership in terms of investment return, security of tenure, and resident participation in the management of the project. However, Life Lease projects have the added benefit of greater control over membership and lower costs. Life Lease housing gives you the convenience and freedom of private independent living today with the option of services in the future. When Life Lease purchasers, or their estates, wish to sell or transfer their leases, they receive the market value of their suites, less administration fees, similar to a condominium or detached home.