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What is Assisted Living?
Is there a temporary financial solution to help your loved one pay for assisted living until they are able to sell their primary residence?
Molly Dworken 10/16/2012 05:33PM
There is a loan product on the market designed specifically for those who have a short term need to pay for senior living and home care while waiting for other funds. This product from Elderlife Financial Services is the Elderlife Line of Credit. Elderlife provides qualified applicants with up to $100,000 as a short-term line of credit to solve the family's dilemma regarding how to fund their loved one's care as they wait for a home to be sold, for additional veterans' benefits to be approved, or for funds from a life insurance policy conversion to become available.
With the line of credit structure, loan customers use only what they need for senior housing and care. Funds for assisted living fees are paid directly from the Elderlife Line of Credit to the assisted living community while the loan customer pays the smaller loan payment until the home is sold and proceeds are used to pay off the loan.
Elderlife partners with more than 3,000 senior living communities and home care companies across the country, many of which cover part of the loan's interest payments. Families who need a line of credit to finance their loved one's move into assisted living should inquire about this when investigating communities.