A life lease is a common financial tool that helps older adults use the equity in their homes to finance their move into an older adult community. Often, older adults have acquired substantial home equity, which raises the question about how to utilize the capital once the person sells.
A typical life lease has two components:
- An up-front payment called an entrance fee, which gives you the right to use your suite for the rest of your life or until you decide to leave;
- A monthly lifestyle fee that covers services such as snow removal, lawn care, appliance repair, utilities and property taxes and gives you access to a multitude of activities and programs, and depending on your choice, a number of five-star meals.
Take a look at this video for more information about United’s life lease.
“Some of the proceeds from your home are invested in your new home as the entrance fee,” said Gail Hinchliffe, president. “And if you need extra care, you can draw on those proceeds to help cover those extra care costs. In fact, living with a life lease need not be any more expensive each month than what you would pay at any comparable older adult community. And the added benefits make the decision that much easier.”
Read all about United’s life lease here.
And read three examples here about how life lease can work for you. You’ll read about Mary, who is living on a $3,600 a month pension, or Frank and Dorothy, who have a combined pension of $6,500 a month or John and Eileen who have monthly income of $12,000.
“Life lease is all about peace of mind,” said Gail. “No one wants to spend their later years wondering if they will outlive their money. With our life lease, that worry is gone. Plus, there should never be a concern that you can’t pay for extra health care even though you have thousands put away as your entrance fee. In our life lease, that money is available to you to help you cover those extra costs. Again, it’s all about peace of mind.”
We would be happy to discuss how you can benefit from United’s unique life lease program. Contact us today.
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