Riverview Life Lease Project
While Life Lease housing developments have been around for many years they are becoming increasingly popular with the quickly expanding seniors population as they are meeting the challenges faced by a great number of seniors.
The home in which they raised their family is now too large. Interior and exterior maintenance is beginning to be too much to manage. Although the property where they raised their family once perfectly suited their needs, it is now becoming a burden. Seniors are looking for a housing option which reduces their worries and offers security, social interaction, and piece of mind within a community of shared values and lifestyles.
Senior households over the age of 50 face a move from a single family home to a condominium or apartment, and finally to a retirement or nursing home. Life Lease is ideally suited to provide housing to our aging population who may be quite independent today but may eventually require support services to live independently tomorrow.
Life Lease developments offer the owner a leasehold form of ownership versus condominiums or single family homes freehold ownership. Properly structured, both forms of ownership offer similar protection for the owners. For example, Life Leases can be registered on title to the property the same as a deed can be registered on a condominium or detached home. This registration protects the interests of the leaseholder. 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. These owners purchase their lease, normally at market value, similar to the purchase of a home or condominium. Once the owner takes possession of their unit, they pay a monthly fee, similar to a condo fee, which represents the owner’s share of the common costs including lawn maintenance and snow removal.
When the owner, or their estate, wishes to sell or transfer their lease, they receive the market value of their unit, similar to a condominium or detached home. Therefore, it is the “market” that determines what the leasehold ownership or life lease is worth. The opportunity for capital investment and security of tenure are the primary benefits of Life Lease housing. Residents can receive a return on their life interest and initial investment similar to the equity that may be realized on a private home or condominium. This is preferable to rental accommodation where there is no return on rental payments. Life Lease offers residents security of tenure since Life Lease plans have no specified termination date and the life interest may transfer to the resident’s estate. A Life Lease gives you the convenience and freedom of private independent living in an adult lifestyle socially active environment.