Bridge Loan: Elderlife Financial offers an interesting tool that can help some seniors and families access and pay for senior living, now, while they wait for a longer term financial solution (such as receiving Veterans Benefits or the sale of a home). Elderlife's Bridge Loan provides peace of mind by solving your family’s short-term funding gap - from $5,000 to $500,000 and up to 12 months or more. The Elderlife Bridge Loan is an unsecured Loan which means there will be no lien against your property. Up to six family members can co-sign the note. Based on the funds drawn each month, Elderlife only requires an interest payment which is often reimbursed by our partner communities. For more information including the 'Pros and Cons' of this program, go the Elderlife's website. www.elderlifefinancial.com
Some benefits of the Elderlife Bridge Loan include:
• Up to 12 months or more of coverage to help bridge the financial gap
• Fast and easy application, same day approval and next day funding
• Unsecured loan means no lien on your property
• Affordable interest only payments as low at $7 per $1,000 borrowed *
• No application fees
• Provides a well-documented paper trail for the VA and Medicaid
• No prepayment penalties for early payoff
• Many partner communities reimburse interest making senior living even more affordable
* Rates are subject to change.
Note: This financial tool is not appropriate for all seniors. Please seek out professional advice prior to entering into any financial agreement.
The information found on this website is gleaned from readily available public sources and is for educational purposes only. It is NOT to be considered financial or legal advice. Consult with an appropriate professional before making important financial or legal decisions.
Short Term Bridge Loan