Life Lease

[Mary Trescolada]

I'm wondering if anyone has any experience and can offer some guidance on life leases for a retirement property, like at this Christian condo for sale in Scarborough.  

The property is for my parents. My siblings and I were going to buy it outright as a gift to our them but are second guessing the decision now that we heard about life-leasing. From what I can tell there's much less risk and nearly as much control when reselling. Is there anyone who has dealt with a life lease property before and can offer some guidance ?