Life lease properties are a form of housing that carry a unique set of features, having some aspects of regular home ownership as well as some aspects of rental properties. Life leases are not quite like home ownership, but also not quite like renting either. When you purchase a life lease, you are actually purchasing the right to occupy that specific unit for the rest of your life. Hence, life lease is a type of lease where the duration of the lease for a property is given until the death of a Person.