530 Ivings Drive, Port Elgin, Ontario

What is a “Life Lease” Retirement Community?

Life Lease is a unique housing option for mature adults and seniors. Seniors are able to protect their investment similar to the equity in their home, without the headaches and worries associated with the maintenance of their property. Life Lease creates community and a sense of well being for the residents.

Life Lease housing gives residents the right to purchase a life lease interest, at market value, in both the property and their unit, similar to purchasing a home or condominium. When the resident or their estate wishes to sell their life lease, they receive the market value of their unit, less an administration fee. It is the “market” that determines what the life lease interest is worth. As the market value of local real estate increases, so does the value of the life lease interest. Therefore, mature adults are able to protect their investment and earn a return similar to the equity growth in their family home. This life lease interest can also pass to the resident’s family upon death and, therefore, can be held in perpetuity.

The owner of a Life Lease has the exclusive right to occupy their unit and to use the common facilities of the development for as long as they desire or are able. Once owners take possession of their unit, they pay a monthly fee, which represents the owners’ share of common costs including most exterior maintenance (landscaping, snow ploughing, furnace, air conditioning, window washing, eves-trough clearance, in ground sprinkler system, community hall care, common area insurance).

Statistics indicate that seniors move an average of 3.2 times during their retirement years. A Life Lease development provides an active community for those who do not want to relocate at 55, and again at 75, and again later; avoiding disruption at a time when life should be familiar, comfortable and secure. The easy living features together with the community found within, provide a preferred housing alternative to condominium or apartment living.

The easy living features together with the community found within, provide a preferred housing alternative to condominium or apartment living.