What is Life Lease?
Life lease communities are among the latest ownership options in retirement homes for seniors. Life lease retirement homes offer mature adults - who are neither tenants nor owners – a stake in a community designed as a rewarding, supportive and affordable place to live.
Residents buy a life lease or leasehold interest in their accommodations, giving them a right to occupy the unit and use all the communal amenities, such as dining rooms, games rooms and lounges. Residents also pay a small monthly occupancy fee depending on the size of the unit.
When residents leave a Lions Village unit, they are refunded the original amount of their deposit subject to the terms of their lease.