What Is a Life Lease?

By Staff WriterLast Updated Mar 28, 2020 8:51:37 AM ET

According to Bankrate, a life lease is a senior housing option where rather than purchasing or leasing an apartment, the tenant purchases the right to occupy a unit and pays a monthly rental or maintenance fee. Bankrate notes that the tenant's agreement allows for the tenant to occupy the property for an undetermined amount of years, the remainder of his life or a specified amount of time, such as 50 years.