When an older adult is considering leaving the family home for an older adult community, a major factor is affordability. Can I afford the monthly costs? Will my savings run out in a few years, leaving me without a place to live? These are critically important questions, which we have addressed in our new, unique Life Lease program.
A life lease is not a new concept. It is used by both for-profit, and not-for-profit operators in Canada, including Alberta. It 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.
In working on our Life Lease Agreement, we conducted extensive research into the most effective way for residents to manage their retirement finances. Month-to-month rentals and condo purchases have their limitations in many cases. United’s Life Lease Agreement has several financial advantages not available in typical life leases.
“One of the key differences is that you can use your Entrance Fee towards unforeseen care costs such as private care or programs in our United Minds (memory care) program, if needed,” said president Gail Hinchliffe. “We felt that having access to your capital to cover extraordinary health care costs will give you the peace of mind you need when deciding to choose one of our communities.”
There are several unique features within United’s new Life Lease Agreement. Read more here.
Monthly 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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