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Life Lease housing developments have been established for many years in Ontario and Canada and have recently become the preferred choice of today's rapidly expanding retirement population. There are currently over 70 Life Lease communities across Ontario. Life Lease housing has proven to be a creative option for providing housing, programs and support, plus an opportunity for investment today for tomorrow.

 Under a Life Lease Plan, residents purchase a life lease interest, at market value, in both the property and their suite, similar to purchasing a home or condominium. They then have exclusive use of their suite, shared use of all common areas and facilities, and many more benefits than home ownership. This life lease interest can also pass to the resident's family upon death and, therefore, can be held in perpetuity.

Properly structured, the life lease form of ownership offers similar protection to freehold ownership. For example, the life lease can be registered on title to the property the same as a deed can be registered on a condominium or detached house. This registration protects the interests of the resident.

Actual ownership and title of the Life Lease property remains in the name and protection of non-profit organization that ensures high quality management and long term maintenance benefits for all residents. What makes life lease housing attractive is the age restriction, sense of community, the homogeneous lifestyle, ability to be involved and the availability of services, in a setting that responds to changing needs.

Statistics indicate that households over the age of 60 move average of 3.2 times during their retirement years. This equates to a move from a single-family to a condominium or apartment, to a retirement home and sometimes on to a nursing facility.

Life Lease communities enable residents to belong to a community designed to meet their changing needs. Support services are provided as residents age allowing them to maintain their independence for as long as possible.

Once the resident takes possession of their suite, they pay a monthly fee, similar to a condo fee, which represents the resident's share of common project costs including maintenance, management, insurance, and contribution to a replacement reserve fund.

"Its simple; all we have to do is change our address. A lifestyle free from home maintenance that once occupied our waking hours. We can't wait, our fun years are about to begin"
- J. Johnston, Ottawa, Ontario

When the resident or their estate wish to sell their life lease, they receive the market value, 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.

Under a Life Lease Plan, the non-profit corporation must approve the future sale or transfer of a life interest. This control is especially important in a mature adult community where residents prefer to live with people of their own age and who share common values and interests.

Today's Life Lease communities coming to the rescue for many seeking a better retirement living option.

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