Financial Company Offers Loans to Help Pay for Senior Living

Elderlife Financial Services, a Washington D.C. based company, provides bridge loans to families that are unable to afford to move a family member to a nursing home, assisted living facility, or other senior living facility. Elderlife welcomes the involvement of the family’s elder law attorney in the loan process.

Elderlife launched in 2000 and has issued over $60 million in loans just in the past two years. It works with an entire family, as opposed to just one individual, and authorizes up to six family members to co-sign a loan. Elderlife directly wires the loan funds to one of the 2,700 nationwide facilities it works with. As long as the individual intends to move to one of these facilities, the borrower does not have to actually be elderly.

Elderlife has lines of credit up to $50,000 and rates from 8.25 to 12 percent. Additionally, Elderlife offers another loan program for individuals who are unable to sell their home or liquidate their assets, but who wish to move to a Continuing Care Retirement Community. Elderlife bridges the financial gap by paying all or a portion of the community’s entrance fee. This program has lines of credit of $48,000 to $1.2 million and rates from 6.5 to 3.25 percent.

See Financial Company Specializes in Bridge Loans to Help Pay for Senior Living, ElderLawAnswers, Mar. 28, 2011.