Affording Senior Living: The Financial Options
Everyone has unique circumstances that help determine how they can best fund senior living for themselves or their loved ones. In the past, people have relied on the sale of a home or traditional savings to afford senior living.
But today, a variety of financial options are available through a number of sources offering more flexibility and access to resources when it is most needed. Here are a few good options to consider.
To learn about additional financial resources that may suit your needs, download our complete Financial Options Guide here, including a Senior Living Expense Worksheet. You may be surprised to find how home maintenance and outside services add up compared to senior living options.
ElderLife Financial Services
Sunrise Senior Living is pleased to share that it has a relationship with ElderLife Financial Services, offering prospective and current residents and their families a loan to bridge the gap in funding short-term and long-term senior living costs. People waiting for the sale of a home or for veterans’ benefits to start among others may benefit from an ElderLife loan.
In its simplest form, ElderLife Access allows seniors to:
* Borrow only what is needed each month
* Structure a loan like a line of credit
* Have more affordable monthly payments when funds are not readily available
* Move into a senior living community without selling their home or using the home as security for a loan
* Access care as soon as it’s needed
* Have up to six family members or responsible parties together on one loan
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