Independent Living
All independent living residents pay a monthly service fee which covers utilities, home upkeep, community services, and home maintenance. Residents are not charged for grounds/lawn care or home and appliance repairs/replacement that are no fault of their own.
The monthly service fee is subject to increases which cover increases to costs of living.
On some campuses, monthly rentals are also offered for independent living homes. Rentals offer residents the opportunity to pay no entry fee. If you plan to live independently for only a few years, this may be your best solution.
HUD Housing is offered on some campuses for residents who qualify for low-income subsidized housing. This housing is subject to federal regulations and requirements.
When residents choose our campuses at the independent living level, they are given priority admission to the next levels of care as needed. This is a major benefit to choosing a continuing care retirement community. Rest easy, you’ll always have what you need.
For independent living, all residents sign what we call a life lease agreement. This means the resident(s) do not own the home but have use of it for as long as they are able to live independently. Residents can choose between refundable and nonrefundable options.
Refundable life lease agreements have a higher entry fee, but a percentage of it will be returned when the home is re-leased. The refundable entry fee allows residents to have funds available for their next level of care or to provide an inheritance for beneficiaries. The downside is that residents don’t have use of these funds during their stay in independent living.
Pros
- Refundable entry fee
Cons
- Higher entry free
Nonrefundable life lease agreements allow for a lower initial cost, but none of it will be returned when the resident moves out of independent living and the home is re-leased to the next resident. This option is good for residents who feel they will live independently for a while and would prefer to have use of their funds and any income it may generate.
Pros
- Lower initial cost
- Frees up funds for other use
Cons
- No funds returned