Do you fully understand Life Leasing? A senior-focused lifestyle, Life Leasing is steadily gaining interest. But it may be a term you have never heard of – or not until recently.
Pennock Village is currently the only development within the Thunder Bay and surrounding area offering local seniors this type of lifestyle. And we invite you to become familiar on how Life Leasing works, whether you’re planning your next transition in life or not.
While Life Leasing is new to the Thunder Bay and surrounding area, there are an estimated 150 Life Lease projects in Ontario representing almost 20,000 people living in residential units and homes, with many more throughout Canada.
How does this type of senior housing differ from other options? Life Lease housing is a form of real estate tenure geared specifically towards mature adults and seniors, whereby Residents purchase an exclusive interest in a home, occupying it for life. By entering a Life Leasing Agreement, you as a Resident (the Purchaser), become and remain the occupant of your unit until life’s circumstances change.
The benefits of Life Leasing are apparent, and many seniors report full appreciation and enjoyment of lifestyle after making the decision to ease into Life Leasing retirement. It offers investment, retaining equity for the Resident (and their heirs); it provides affordable, superior ageing in place (combined with assisted living, a long-term goal of Pennock Village); it provides service-enriched options for seniors; and it creates true community, often lost when seniors are forced to move from their long-time family homes.
Alongside a lump sum payment to purchase a unit, a monthly fee covers the maintenance & operating costs of your unit, plus the upkeep of the common grounds shared as a community.
Are you a current rural homeowner? Pennock Village also offers a unique, rural-focused lifestyle whereby previous rural homeowners feel more at home in making the decision to downsize and retire within Pennock Village. Walking trails, plentiful trees & greenery, and spacious modern housing are all part of the development plans which Pennock Village is based upon.
It’s important to note that the Life Leasing mandates differ slightly per development, and Pennock Village is no exception. The mandates and lifestyle opportunities that ground Pennock Village’s policies have been carefully thought out after years of research, site studies and policy procedure reviews through designated, experienced advisors & professionals. The agreement specific to Pennock Village is based on a fixed-market price, with no termination date. Upon change-in-life circumstances or death, the interest is sold back to the not-for-profit Corporation (NWO Rural Christian Seniors Village Inc.), which oversees Pennock Village’s operations & its Residents’ well-being.
Life Leasing specialist Gary Zock, who has assisted in over 70 previous Life Lease projects, has been instrumental in facilitating the Life Leasing agreements for Pennock Village. Through his guidance and expertise, Gary has been working alongside the Board of Directors for the past two years, ensuring that future Residents are offered transparency and fully educated on the financial requirements and lifestyle terms of Pennock Village.
Interested in learning more about Life Leasing? Read 13 more Frequently Asked Questions specific to Pennock Village, or reach out to chat over coffee.