Life lease housing is an increasingly popular housing choice primarily for older adults who are able to live independently. Life lease housing is usually developed and operated by nonprofit or charitable organizations. These organizations are called “sponsors.” Some life lease units are houses; others are suites inside an apartment-style building.
Some reasons why people choose life lease housing include:
1. Fewer home maintenance responsibilities
2. Access to social and recreational programs
3. Sense of community
Most sponsors provide a basic level of maintenance that includes mowing lawns and shovelling snow.
Some sponsors go further, for example, changing furnace filters, fixing plumbing or electrical wiring, or monitoring both the interior and exterior of the home while lease holders are away
Life lease is a senior housing option where rather than purchasing or leasing an apartment, the tenant purchases the right to occupy a unit and pays a monthly rental or maintenance fee.