Well, the answer to your question is something like:
"Jeg lever" = I live
"Jeg bor" = 'My home is'.

Both can sometimes be used to signify where you currently have your house.
"Bor" always talks about your home, "Lever" can also talk about your state of being alive.

Example sentences:

A: "Er du død?"(Are you dead)
B: "Nei, jeg lever." (No, I'm alive)

A: "Hvor bor du?" (Where do you live)
B: "Jeg lever/bor i Tyskland" (I live in Germany)