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 - Why should you call Elderlife?
Why should you call Elderlife? Regardless of the type of senior living community that you are moving into, there are always financial issues that accompany the decision. Most of the issues relate to personal liquidity. For example, selling your home takes time to get the desired price, waiting for Veteran’s benefits may take many months, liquidating other assets to pay for senior living may involve time and other issues. Elderlife is uniquely capable of helping you navigate the many options available. Its what we do every day. We are here to discuss your unique situation and help you determine the best course of action. And the best time to call is BEFORE you make any decisions on your course. The better question is, why not call? Our Consultation is FREE. 888-228-4500. - Who is eligible for the Elderlife Line of Credit?
Who is eligible for the Elderlife Line of Credit? Anyone is eligible to apply for an Elderlife Line of Credit. The line of credit 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 Elderlife Line of Credit and its benefits. - Who is the actual lender for our Elderlife Line of credit for Senior Living proceeds?
Who is the actual lender for our Elderlife Line of credit for Senior Living proceeds? The actual entity providing the funds for your Elderlife Line of Credit for Senior Living is Elderlife Financial Lending LLC with a NMLS license ID #399422. - 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 Elderlife Line of Credit to close the gap! - To which types of communities is the Elderlife Line of Credit available?
To which types of communities is the Elderlife Line of Credit available? The Elderlife Line of Credit is available to both independent and assisted living communities within our network. Those communities are all listed under the "Find a Community" tab on our website; by entering a zip code you can see which properties are near you! - How do we know how much we will need?
How do we know how much we will need? We understand the uncertainty you face and have therefore structured the Elderlife Line of Credit to enable you to borrow only what you need as you need it. Give us a call at 888.228.4500 and our friendly Elderlife Advisors can assist you in calculating what that financial need might be. - 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 Elderlife, we have seen sons and daughters, cousins and grandchildren sign onto the line of credit on behalf of their loved one. We also receive line of credit applications from people close to a senior who are not related, such as neighbors or friends. Anyone can join an application and help place a loved one into a safe and supportive environment. - How many people can apply?
How many people can apply? One of the goals of Elderlife is to bring families together in the care of a loved one, so we can put up to six family members or support persons on a single Elderlife Line of Credit. By including family members and friends on the application, the responsibilities are shared and the process of putting a loved one into care becomes a common goal. - What if I am not approved?
What if I am not approved? If you are not approved for the Elderlife Line of Credit, an Elderlife Advisor will call to give you additional ideas on how to strengthen your line of credit application. Remember that one unique aspect of this line of credit is that several family members and support persons can apply for the line of credit 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 line of credit paid to us or directly to the community?
Are the funds from our family line of credit paid to us or directly to the community? Your funds are sent directly to the senior living community, quickly and easily. Each month you decide what you would like to send, and the ammount you request can vary month by month. - 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 Elderlife Line of Credit 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 Elderlife Advisors for a more accurate monthly payment schedule based on your family's specific needs. - What is unique about the Elderlife Line of Credit?
What is unique about the Elderlife Line of Credit? Our program makes it possible for a family to move a loved one into a safe and supportive environment with little or no out of pocket expenses, quickly and conveniently. Disbursements are made at your request directly to the community you choose, so you never have to bother writing checks or balancing books! And the Elderlife Line of Credit is unique because it allows up to six family members or friends to join together to support the cost of a loved one residing in a senior living community. - Can we prepay our line of credit?
Can we prepay our line of credit? 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 do so online using our secure form, over the phone by calling our toll-free number (1-888-228-4500), or even by printing out an application from our website and faxing it to us at 1-888-228-4520. There are no fees to apply, and 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 line of credit. 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. Take a look at our Free Consultation. 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. - 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 Elderlife 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. Elderlife 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 Elderlife Line of Credit 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 Elderlife Line of Credit:
What is the extent of my obligation to repay an Elderlife Line of Credit: Each person who signs the line of credit documents for an Elderlife Line of Credit, is jointly and severally obligated to repay all amounts owed on the line of credit 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 line of credit, not just a prorated portion based on the number of borrowers on a line of credit. Please keep this in mind when applying because you may have to repay all amounts owed on the line of credit even if another borrower does not have to. - Is Elderlife Line of Credit just for seniors?
Is Elderlife Line of Credit just for seniors? Not at all. Anyone seeking the services of a senior living community, as well as his or her family, are welcome to apply for an Elderlife Line of Credit regardless of age, sex, heritage or marital status. - Are you interesting learning more about Veteran’s Pension Benefits or applying for them?
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