Should you buy a life lease property?

“I want to buy a life lease property, but I’ve heard some bad stories, do you suggest it?”

People buy life leases and basically, let’s just say they’re 85 and whether they live for a month or 10 years, they bought it already.

So it’s kind of like, ‘I don’t have to think about it. It’s done’. The thing and the reason why a lot of people don’t like it is because there’s an extra fee. When you go to sell it, you can’t just sell it on your own with whatever realtor you want.

You have to go through the coop or the company. It’s usually a 10% fee to them. Plus, they have a waiting list of people and you have to pick one of their people. If they don’t have people then you can list it for sale.

Also let’s just say the person leaves it to their grandchild who’s 23, but the grandchild is not allowed to live there till they’re over 65, etcetera.