General Questions | Financial Questions | Waiting List Questions
Financial Questions
What is the Life Lease Program?
The Life Lease Program is specifically designed for seniors who wish to become a resident in a community setting like Tollendale Village with other like-minded seniors and who wish to minimize their monthly cost. Under this program an occupant purchases the right to occupy a Life Lease suite.
How does it work?
The resident purchases the right to occupy a suite by paying an Entrance Fee based upon an agreed upon portion of the market-value of the dwelling suite. In most cases residents pay 100% of the market-value; however residents can pay only a portion of the market-value. If residents pay less than the market-value, their monthly costs will increase by a pro-rated rental fee.
Alternatively, you may choose one of the suites which are set aside for a conventional lease and you simply pay the Occupancy Cost of your suite which includes a monthly rent and the monthly maintenance and other Fees.
Alternatively, you may choose one of the suites which are set aside for a conventional lease and you simply pay the Occupancy Cost of your suite which includes a monthly rent and the monthly maintenance and other Fees.
Will there always be suites available for full Rental or partial Life Lease?
We have a limited number of suites that are available for a partial Life Lease or full rental. Please check with the office to confirm availability at the time you apply.
What are the monthly fees that I will be required to pay?
All Life Lease residents must pay a monthly Maintenance fee, Reserve Fee and Nursing fee. In addition, should you wish additional services including automobile parking, storage locker, dining services and/or emergency nurse call monitoring, additional monthly fees will apply.
What Operating Expenses are covered in the monthly Maintenance Fee?
The Maintenance Fees cover the cost of the following:
- Taxes
- Electricity, Gas, Water
- Cable TV (Ultimate Package)
- Administration and Office Costs
- Salaries and benefits
- Repairs and Maintenance to the building and grounds
- Professional (legal, auditing etc) fees
- Fire prevention costs
- Interest charges
- Food Services costs (if revenue from food services is less than expenses)
Are there any other charges or fees when I move in?
All of our residents are responsible to supply their own flooring in the halls, living, dining and bedrooms and dens. Should you be moving in to a suite previously occupied, you may make an arrangement directly with the previous occupant if you wish. Should you not wish to assume the ownership of the existing flooring, the previous resident is responsible for its removal.
As a Life Lease tenant do I own my suite?
No. You only purchase the right to occupy the suite. As the sponsor of Tollendale Village, Simcoe County Christian Senior Home Inc retains ownership of the facility.
What happens when I need to vacate the suite?
When you determine that you need to vacate your suite, you need to provide at lease 60 days notice from the beginning of the following month. During that 60 day period you will remain responsible for all of your monthly fees. Similarly, upon death, your estate remains responsible for the same 60 day period. Upon receiving notification we will immediately start the process of finding a replacement Life Tenant. Should a replacement Life Tenant not be immediately available, we have 120 days after the 60 day period has expired to register a new Life Tenant. Upon receipt of the Entrance Fee from the new resident, we will reimburse 99% of the Entrance Fee that you paid when you moved in. The remaining 1% is used to restore the suite to its pre-occupancy condition
Should a replacement tenant not be available during that 120 day period, where do you obtain the funds to refund my Entrance Fee?
Simcoe County Christian Senior Home Inc, the sponsor of Tollendale Village has established a Refund Fund for that eventuality. The monies in this Fund are to be used explicitly for the purpose of refunding Entrance Fees. It should be noted however, that since the establishment of Tollendale Village in 2000, we have never had to access the Refund Fund.
What if the Refund Fund should ever be totally depleted, what then?
Your Life Lease agreement states that should this unlikely event ever occur, Simcoe County Christian Senior Home Inc is obligated to commence paying you principal and interest on the outstanding amount for a maximum of 5 years after which they are obligated to make payment of the remaining balance.
In the event of my death can I direct that the refund of my Entrance fee be paid to specific family members or other individuals?
Yes, that is possible. You can do this by including the names of the individuals to whom you wish to have the payment made, in the Life Lease document.
If I don't want to move in yet, or if I plan to be away for an extended period of time can I sublet a suite?
No, we do not allow subletting of any of our suites.
Can I participate when I am not a tenant?
You may wish to provide your parents, relatives or a friend with the funds to rent or Life lease a suite at Tollendale Village. Our contract will be with the actual occupants, and no one else. At certain times there may be an opportsuitey for members of SCCSHI to provide private investments to the project. Please contact us for more details on this.
What steps should I take before entering into the Life Lease Program?
After submitting an application for tenancy in Tollendale Retirement Community you will receive a package of documents which must be reviewed by you and your solicitor and SCCSHI must receive from each applicant written confirmation that he/she has obtained independent legal advice.
How is the Entrance Fee Amount calculated per suite?
As SCCSHI is a non-profit Society the cost for each suite when constructed was calculated based on the total cost to construct each suite, without allowance for any profit. There is a variation in cost for different suite types due to the size and location of the suites. Subsequently, Entrance Fees will be adjusted to reflect market and other conditions.
How often do the Monthly Fees change?
Monthly Fees are subject to review annually and will be adjusted based on anticipated costs. Our normal adjustment date is September 1st of each year and residents are notified 90 days prior to any adjustments.
What are the Reserve Fees used for?
The Reserve fees are used to establish a Capital Reserve Fund. This fund will be used at the discretion of the Board of Directors to cover the cost of extraordinary Capital and other Expenses to ensure that the premises stay in excellent condition. These expenses could include major roof repairs, equipment repairs and/or replacement, other major building repairs, capital enhancements etc.
How do we know that the Capital Reserve Fund is adequate?
Every 3 to 5 years we carry out a reserve fund study to determine if the funds we are setting aside are adequate for that purpose.
Am I allowed to register my Life Lease Agreement on title?
No. Our financial institution does not allow the agreements to be registered on title.
What if I need to borrow funds to pay for the Entrance fees? Do financial Institutions not require such registration?
Some Financial Institutions may be prepared to take an Assignment of the Life Lease. Alternatively you may wish to take advantage of the option in our Life Lease to only pay a portion of the Entrance Fee reducing the amount of the Entrance Fee payable.
Do I need to provide my own insurance?
Simcoe County Christian Senior Home Inc. carries comprehensive All-risk and liability insurance. However, this insurance does not cover the contents of the occupants nor any liability coverage for the residents should they become liable for an occurrence. We require all residents to carry contents insurance including liability coverage.