Skip to content
Contact Us

LIFE LEASE

About Life Lease

The Life Lease Option for Independent-Living Seniors (50 plus)

Making the right decision
Moving to an apartment complex can be a big decision, especially for those who have lived most of their lives in their own home. The reality is that as people get older, they are sometimes less able or willing to maintain their house and property, and to take care of paying all the expenses and bills.
 
Life lease housing for independent-living is becoming more popular for those who want to live a more care-free lifestyle.
It offers fellowship in community and interaction with others who share similar values and experiences.  Live independently and stay active, without the burdens of looking after your own house and yard, and the related costs and bills.
Life lease in Polish Heritage Manor (PHM)
We offer several flexible and affordable life lease options.  We will work with you to find the financing options that best meet your goals, lifestyle and budget.
When you buy a full life lease in PHM, your rent is covered for the entire time you live there; you only pay additional monthly operating costs. The life lease gives you the right to occupy your unit for as long as you are able to live independently in PHM. And if you ever decide to give up your suite in PHM, your entire life lease payment will be returned to you less an administrative fee, which is currently 5% of the investment.
In this way, the life lease payment may be viewed as a loan to the Polish Heritage Society of Edmonton (PHSE) that matches the equity value of the suite chosen by you, the life lease buyer. It is also through the life lease arrangement that PHSE, a non-profit organization, is able to offer you a housing option with community cultural, social and spiritual amenities in a well built and professionally designed apartment complex, all at competitively-priced units.
Monthly operating costs
The costs to operate and maintain PHM will be covered by affordable monthly fees that residents would pay based on their suite size.  The monthly fees will cover costs such as:
  • property taxes
  • utilities (heat, electricity, water, sewer, garbage removal)
  • building and common area maintenance
  • building insurance
  • landscaping
These types of operating costs are similar to the costs home owners must pay beyond the equity value of their houses.
Benefits of life lease
We can offer competitive rates because the housing, with all its features and amenities, is non-profit.  The life lease amount is lower than comparable for-profit life leases options, and monthly operating costs are kept as low as possible.  After life lease payments and monthly operating costs, any ‘surplus’ dollars are invested back into the apartment complex for future improvements and maintenance.  The main priority of PHSE in the PHM project will always be focused on the best interests of its resident community.
Life Lease Payments
Life lease payments are made in deposits at different stages of the development. Deposits made prior to signing the life lease documents are fully refundable. This gives seniors who are thinking about buying a unit a chance to fully consider whether PHM is right for them before committing to a unit.
Generally all deposits become non-refundable after signing the life lease documents.  The payments made after a suite is chosen are locked in to reserve the suite for the buyer, and to help support the financing of the building project.
All life lease deposits and payments will be secure, held in a trust account managed by the law firm of Mis & Mis LLP of Edmonton; these funds cannot be used for the construction costs of the project and are not to be released until the buyer receives possession of the suite.
Review with a solicitor, family members
It is recommended that if you decide to buy a suite in PHM, to review the life lease agreement with a lawyer before fully committing to it.  We also recommend that you speak with your family members about whether a life lease is right for you; family members may be able to help in the transition.  There also are a number of Canadian sources about life lease on the Internet that may provide useful, up-to-date information.
Why pre-sales are important
PHSE can start building PHM when we pre-sell at least 56 units (or 75% of the total suites in the building).  By meeting this target, we can confirm the financing that is needed to build.  The life lease arrangement is a way that, as a non-profit society, PHSE can provide competitively-priced housing for active in a Polish-heritage community environment.
Cultural appeal
PHM will have a library and archives, for example, to learn more about Polish heritage. The apartment will be located next to the Polish Hall and the popular Syrena Club.  Residents can spend quiet moments in the chapel.  While our aim is to meet a housing need for members of our community, adults of other cultural backgrounds may also be interested in living in PHM.  Building community also means recognizing the cultural diversity of our city and of many families with Polish heritage.