Financial Options

Independent Living Apartments

Rental Contract

Resident pays the applicable monthly rental fee for the apartment floor plan selected. A deposit equivalent to one-month’s rental fee is held by Westminster Village during the resident’s apartment occupancy. The Rental Contract may be terminated with a 30-day written notice. No financial qualification is required for a Rental Contract.

Monthly Expense Comparison Worksheet

Traditional Life Occupancy Contract (LOF Buy-In)

Life occupancy equity program (75%) contract*

Resident pays the applicable Traditional LOF Buy-In fee for the apartment selected along with the applicable monthly service fee. If resident dies or elects to withdraw from Westminster Village within (3) years from the date of the agreement, a pro-rated refund of Resident’s LOF Buy-In fee will be made based upon a (36) month period. 1/36 of the LOF Buy-In fee will be refunded for each month remaining in the (36) month period. Example: Resident withdraws from Westminster Village (18) months after the date of agreement. Resident would be entitled to a refund of 1/2 the LOF Buy-In fee (36-18=18; 18/36=1/2). No refund is made for any time after (3) years from the date of the agreement. 

50% Refundable Life occupancy contract (50% LOF Buy-In)

Resident pays the applicable 50% Refundable LOF Buy-In fee for the apartment selected along with the applicable monthly service fee. A refund of 50% of the LOF Buy-In fee shall be made under the following circumstances:

• Death or Termination: Upon the death of Resident(s) or termination of the Life Occupancy Contract as defined in the contract, a refund of 50% of the LOF Buy-In fee will be made.
• Permanent Transfer to Martin Health Center: If Resident is permanently transferred to Westminster Village’s Martin Health Center in accordance with the contract and Resident surrenders their apartment, Resident shall be entitled to a refund of 50% of the LOF Buy-In fee. This refund will be applied as a monthly credit against charges accrued at Martin Health Center. Should death or discharge from Martin Health Center occur before the full refund is used, the balance shall be refunded as set forth in the contract.

75% refundable life occupancy contract (75% lof buy-in)

Resident pays the applicable 75% Refundable LOF Buy-In fee for the apartment selected along with the applicable monthly service fee. A refund of 75% of the LOF Buy-In fee shall be made under the following circumstances:

• Death or Termination: Upon the death of Resident(s) or termination of the Life Occupancy Contract as defined in the contract, a refund of 75% of the LOF Buy-In fee will be made.
• Permanent Transfer to Martin Health Center: If Resident is permanently transferred to Westminster Village’s Martin Health Center in accordance with the contract and Resident surrenders their apartment, Resident shall be entitled to a refund of 75% of the LOF Buy-In fee. This refund will be applied as a monthly credit against charges accrued at Martin Health Center. Should death or discharge from Martin Health Center occur before the full refund is used, the balance shall be refunded as set forth in the contract.

*To the extent any portion of the LOF Buy-in fee is used during Resident’s residency due to inability to pay the monthly service fee, only that portion of the unused LOF Buy-in fee will be available to be refunded.

*Successful completion of the financial qualification process is required prior to entering into a Traditional Life Occupancy Contract, 50% Refundable Life Occupancy Contract or 75% Refundable Life Occupancy Contract.