How to Use a Line of Credit to Pay for Senior Living

    Published: 06-16-2009
    Views: 9,443
    Mark Francis of Emeritus Senior Living provides a simple overview of financial solutions for people exploring a move to senior living. The video covers some of the newer, more innovative, or often overlooked financial options available, such as senior living lines of credit. Mark will explain how this option and strategy can help you or a loved one afford a senior living arrangement without straining your resources.

    Mark Francis: Hello, my name is Mark Francis from Emeritus Senior Living. Elderlife is a financial resource that is specially tailored for seniors who want to move to a Senior Living Community. Often, retirees don't have a lot of extra income or savings to pay for long-term care, but do have financial resources tied up in their home ownership. Before you sell a home that maybe in need of repairs, you may want to consider a senior living line of credit.

    This product offers a way for retirees to secure a line of credit to help them pay for senior living. This financial option is especially valuable if the individual needs time to sell a home, or other assets in order to pay for care. It can also be helpful if they are waiting for federal benefits to start, such as, Veterans' Assistance. These lines of credit are accepted at thousands of communities across the United States. They allow seniors to borrow only what is needed on a monthly basis to help finance their senior housing and care needs.

    Like any loan, a Senior Living Line of Credit is subject to approval. One company that provides lines of credit, specifically for senior living expenses is Elderlife Financial Services. Families, who use Elderlife, are assigned a family adviser, who is an expert in both, banking and retirement living. Your family advisor will assist you through the application, approval, and loan disbursement to your senior community each month.

    The Senior Living Line of Credit can be used to pay for rent and care while waiting for a home to sell, pay for rent and care while waiting for veterans' benefits, finance your move-in or buy-in fee, supplement your monthly rent. The benefits of this line of credit often include, low monthly interest-only payments, the ability to move to a senior living community, while you work on selling your home, the ability to have up to six people on the line of credit and a convenient direct payment to the senior living community.

    If you would like to learn more about Elderlife Financial Services or other Senior Living Credit Providers, you can find useful resources online or inquire at your senior living community.