Starting as low as $1500 per month
Entrance fee of $50,000
Includes: maintenance, taxes, insurance, water & sewer
What is a Life Lease?
A life lease is a form of rental housing which is usually aimed at tenants who are 55+. A life lease is a written tenancy agreement. A life lease can be for the life of the tenant or for a specific term (e.g. 50 years). Under a life lease, a tenant pays an entrance fee for a rental unit ($50,000). The tenant also pays rent each month to cover maintenance and other expenses.
How a Life Lease Works.
You pay a one-time entrance fee to become a resident, and then a monthly lease fee to cover property taxes and other shared costs. The building staff take care of all repairs, both inside and outside your living space.
It’s an attractive option for people 55+ because:
- The entrance fee is a fraction of what you would pay for a comparable house or condo. That means your equity is freed up for the things you really enjoy, like travel, leisure, family and investing. And your entrance fee is returned when you leave the Life Lease agreement.
- The monthly fee is less than what you would pay as a renter – in part because the entrance fee offsets capital costs, and also because Life Leases are not-for-profit arrangements.
- You have more control and predictability than a renter. You have a say in how the building is run, and you enjoy peace of mind, knowing you can stay as long as you wish.
- It’s a carefree way of life. All you’re responsible for is your monthly fee, personal utilities and daily cleaning of your living space.
- You’re part of a like-minded community. Your neighbours are people like you, who know what they want and have earned the right to enjoy it.
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