United’s Life Lease: Security and Peace of Mind
If you’ve been thinking about moving to an older adult community but are wondering about affordability, look no further than United’s Life Lease.
“We’ve taken the typical life lease concept and expanded it to include access to the Admittance Fee should the resident experience health care issues after moving in,” said Gail Hinchliffe, president. “Typical life leases don’t provide that access, so this is something unique to United that can really bring peace of mind to the resident who is concerned about running out money.”
The life lease concept is not new. It’s been around in Canada since the late 70’s. There are now more than 300 life lease projects in operation in Canada. What is new is the way it works at United:
– Life lease is basically a residential lease in which you pay an Entrance Fee, and then are charged monthly Lifestyle Fees in exchange for use of your suite for as long as you determine is necessary, which can be for the rest of your life.
– The Entrance Fee is returned to you once you decide to leave, or to your estate should you pass away.
– While you are living at United, you can use the Entrance Fee to pay for extra health care expenses, should that be necessary. This is unique to United’s Life Lease.
Once an older adult or couple have come to the realization that the family home isn’t working for them any longer, they want two things: A home where everything is taken care of, including the meals, and assurance that they will not outlive their savings.
“Older adults can change homes during their retirement years. Often this move is from the family home to a condo or apartment, and then finally to assisted or long-term care,” said Gail. “Our life lease is ideally suited to provide a carefree lifestyle that encourages independence well into your later years, and fund health care support should that be needed.
“The last thing anyone needs in their later years is a health issue and no access to money to cover it. A resident could have thousands of dollars sitting in the life lease Entrance Fee they paid, but in a typical life lease it’s off limits. With our life lease, you have complete access to the money, which obviously relieves a lot of concern.”
Monthly lifestyle fees cover common community expenses as well as routine maintenance and appliance repair in your suite, your utility costs, property taxes, and all of the lifestyle programs and amenities available in the community such as day trips, art programs and other activities.
“United’s Life Lease Agreement is all about financial peace of mind,” said Gail. “We want to ensure that you live a carefree lifestyle, and that means removing one of the biggest concerns when you move in – your financial health.”
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