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 - Who is eligible for the efs:Access loan?
Who is eligible for the efs:Access loan? Anyone is eligible to apply for an efs:Access loan. The loan proceeds can be used for the benefit of seniors and non-seniors alike, who seek payment options to help pay the cost of Senior Living or senior living communities. While frequently you may see us referring to seniors throughout our website, please note our programs are available to seniors and non-seniors. Anyone over the age of 18, is eligible for both the efs:Access loan and its benefits. - Can we pay a portion of the senior living costs and finance the rest?
Can we pay a portion of the senior living costs and finance the rest? Yes, you may pay what you can to the community at move-in as well as each month and finance the rest through the efs:Access loan to close the gap! - For which types of communities is the efs:Access loan available?
For which types of communities is the efs:Access loan available? The efs:Access loan is available for both Senior Living and senior living communities that provide assistance with activities of daily living to its residents. Often, “Senior Living” is referred to as "Senior Living." Our efs:Access loan program can help you in either community. - We don't know how much our family will need as this is all new to us.
We don't know how much our family will need as this is all new to us. We understand the uncertainty you face and have structured the efs:Access loan to enable you to borrow only what you need as you need it. You decide what amounts are right for your family. Just give us a call at 888.228.4500 and our friendly EFS Advisors can assist you. - Do I have to be related to my loved one to apply?
Do I have to be related to my loved one to apply? No. Anyone can help. At EFS, we have seen sons and daughters, cousins and grandchildren sign onto the loan on behalf of their loved one. We also receive loan applications from people close to a senior who are not related, such as neighbors or friends. Anyone can join an application. - How many family members and support persons can apply?
How many family members and support persons can apply? As many as six family members and support persons may apply together for a single efs:Access loan. We have had as few as one and as many as six applicants apply for efs:Access to fund a loved one's care. Please note that you do not have to be related to apply. We frequently see neighbors and concerned friends join in support of a loved one. Up to six friends, concerned parties, or family members can apply together. - What if I am not approved?
What if I am not approved? If you are not approved for the efs:Access loan, an Elderlife Advisor will call to give you additional ideas on how to strengthen your loan application. Remember that one unique aspect of this loan is that several family members and support persons can apply for the loan together. It might be as simple as adding one or more additional applicants. Your application will be reviewed in light of this new information and you will be called with a decision - Are the funds from our family loan paid to us or directly to the community?
Are the funds from our family loan paid to us or directly to the community? Your funds are sent directly to the senior living community. Each month you decide what you would like to send. - When do we receive our monthly statement?
When do we receive our monthly statement? In most cases, you will typically receive your monthly statement thirty (30) days after you open your efs:Access account. - What would my monthly payments be?
What would my monthly payments be? In most cases, monthly payments are very affordable and can fit in just about any budget. To see what your monthly payments may look like, visit our Care Calculator. Please consult directly with our EFS Advisors for a more accurate monthly payment schedule based on your family's specific needs. - What is unique about the efs:Access loan program?
What is unique about the efs:Access loan program? The efs:Access loan program is unique because it allows up to six family members, friends, and concerned persons to join together to support the cost of a loved one residing in a senior or senior living community. Although each borrower on the loan is individually responsible for repaying all amounts owed, co-borrowers on an efs:Access loan often informally agree among themselves to share the monthly payments. Each co-borrower pays a portion of the monthly payment to the borrower designated to send the monthly payment to the lender, the Family Leader. By sharing, this makes it easier for a family to bear the costs of supporting a loved one and their special care needs. - Can we prepay our loan?
Can we prepay our loan? Yes, you can prepay anytime without penalty. So if you want to pay a little extra any month or pay off the entire balance early, you can without any penalty! - How do we apply?
How do we apply? We make applying easy. You can apply using our secure online form, print out an application from our website and fax it to us at 1.888.228.4520 scan and email an application to us at application@elderlifefinancial.com or call our toll-free number (1-888-228-4500). You can call from your home or office and there are no fees to apply. The process is fast and easy. We'll ask you a few simple questions and will try our best to help you qualify for a loan. We will contact you quickly to let you know the status of your application. - What kind of information do we need to apply?
What kind of information do we need to apply? The process is fast and easy. We'll start by asking some simple questions and in most cases you can complete your application in less than five minutes. To view a copy of the information you will need, take a look at our online application. All information submitted during the application process is confidential and is used solely by Elderlife Financial Services, LLC and/or its lenders for the purpose of evaluating your application. - Do we have to use all the money we qualify for?
Do we have to use all the money we qualify for? No. You are not obligated to use all the funds and there is no prepayment penalty if your circumstances change and you no longer require the funding. While we approve you for the credit limit you think you will need, you pay back only what you actually borrow. Families find this a convenient, flexible way to pay for senior Living expenses. - Tell me about M&I Bank FSB.
- What if the senior living community we have chosen is not listed under your Member Communities?
What if the senior living community we have chosen is not listed under your Member Communities? If your community of choice is not currently signed up with our program, our EFS Advisor will contact the community to determine if the community you desire can participate in our program. Should your community decide not to register with our program, you can select another community participating in our program. We understand that selecting the right senior living community is an important decision. EFS strongly recommends you research and evaluate the community of your choice thoroughly. We select licensed communities with established, solid reputations, but only you and your family can decide which is best based on your loved one's' specific needs. Many families have used the efs:Access to pay for retirement community fees, as well as Senior Living specially suited for Alzheimer's care, and for skilled nursing care. - What is the extent of my obligation to repay an efs:Access loan:
What is the extent of my obligation to repay an efs:Access loan: Each person who signs the loan documents for an efs:Access loan, is jointly and severally obligated to repay all amounts owed on the loan including the principal amount borrowed, finance charges and all fees. This means that each borrower is individually liable for payment of all amounts owed under the terms of the loan, not just a prorated portion based on the number of borrowers on a loan. Please keep this in mind when applying because you may have to repay all amounts owed on the loan even if another borrower does not have to. - Is efs:Access just for seniors?
Is efs:Access just for seniors? Not at all. Anyone seeking the services of an senior Living community, as well as their family, are welcome to apply for an efs:Access loan regardless of age, sex, heritage or marital status.
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