Loan Type. No Mortgage Loan is a “pay option ARM,” “pick-a-payment” or similar type of mortgage loan or a home equity revolving line of credit.
Loan Type. Mid-term Working Capital Loan
Loan Type. 1.1 This agreement is the short -term loan agreement.
Loan Type. 1.1 In accordance with this Contract, Party B agrees to provide working capital loans for Party B.
Loan Type. You pay the care provider directly for the cost of your placement. The Council will loan you the money less any contribution you have been assessed to pay from your income and savings. Payments are made from the Council in installments on a four weekly basis. The deferred payment builds up as a debt – which in most cases is cleared when the money tied up in your home is released. For many people this will be done by selling their home, either immediately or later on. You can also pay the debt back from another source if you want to. However, you do not have to sell your home if you don’t want to – you may, for example, decide to keep your home for the rest of your life and repay out of your estate. See section Other Options for further details.
Loan Type. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Term SOFR Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Term SOFR Borrowing”).
Loan Type. 24 Loan-to-Value Ratio or LTV ...................................... 25
Loan Type. The Council is not responsible for meeting your needs. You will make your own care arrangements and contract directly with the provider. The Council in this case will only be responsible for providing the finance in the form of a loan to you in which to meet your own needs. The amount loaned and paid in instalments to you is the cost of the care home providers rate which you will have negotiated with the home. It is likely to be the home's self-funding rate. There is no 12 week disregard period as the Council is not charging you for your care. There is no Disposable Income Allowance, you will need to use your income to maintain and insure the home You may choose to rent out your home and use the income to reduce the debt accruing The first payment to you will only be after the date the legal charge is secured on the property. For both types there will be a needs assessment so as to establish that you have needs which are to be met by the provision of care in a care home and, a financial assessment will be completed to show that you meet the financial criteria, these take time to arrange and so it is recommended that as your savings reach £30,000 you may wish to contact Customer Service Centre on 01522 782155 to ask for a referral. Eligibility for a deferred payment agreement for both types For you to be able to apply for a deferred payment, you need to meet the following criteria: You must be ordinarily resident in Lincolnshire You must have been assessed by Adult Care as needing permanent residential or nursing care. Adult Care would assess this as you needing long term residential care. When you are arranging your own care and support and the Council has not performed an assessment, this condition is satisfied when someone would be assessed as having eligible needs were the Council to have carried out such an assessment You do not have any other assets or savings over £23,250, apart from the value of your main or only home. This figure may change annually each April. You must undertake a financial assessment You must agree to the Council placing a legal charge on your property You must sign any associated deferred payment documentation All co-owners of the property must agree to the charge being placed on the property. All co-owners will be required to sign the deferred payment agreement and the necessary documentation to secure the charge with the Land Registry. There should be no outstanding mortgage on the property If your ...
