A Life Lease is the secure, yet flexible pricing model for a home at Waterford Place. It is a flexible, day-to-day lease with no long-term commitment or home ownership responsibilities.
A Life Lease is comprised of an entrance fee and a bundled monthly rate. The entrance fee is due at the start of the lease and typically comes from the sale of a home. The entrance fee is partially refundable when you move out of your home at Waterford Place at any time, for any reason, or is refundable to your estate upon death. Each home at Waterford Place has six different entry fee options with varying refunds so you can choose which option best suits your personal finances.
The second part of the Life Lease is the bundled monthly rate. This is a single, bundled rate that covers those expenses one would normally encounter in a private home. It includes but is not limited to utilities, home maintenance, cable TV, high-speed internet, local phone and a wide array of on-site amenities. The single monthly rate allows residents to have fixed expenses and deal with a single bill.
The Life Lease has many advantages including consistent monthly expenses, freedom from home ownership responsibilities, and priority access to all the levels of healthcare provided by Sunset Retirement Communities & Services. You are able to move from your home at Waterford Place without worrying about the re-sale and restoration of your home and will have the refundable portion of your entrance fee within 30 days, guaranteed! Life Leases are unique to senior living communities and are legally binding contracts which are regulated by the State of Michigan.