[Last updated July 9, 2025]
A bridge loan is a short-term loan that helps someone pay for immediate expenses while they arrange for more permanent funding. These short-term loans typically have a term of up to 12 months.
When a person determines that they need home care or to move to a senior care facility, like an assisted living community or nursing home, this change usually needs to take place immediately. Senior care is expensive, and people may not have the funds available immediately.
In order to pay for senior care, a person may decide to sell their home or use long-term care insurance, life insurance, or another method of payment. As they wait for their home to sell or other sources of funding to become available, they may need to pay for the new facility. A bridge loan can help pay for immediate costs while these other funding sources are being secured.
When to use a bridge loan for senior care
A bridge loan helps people solve cash flow issues. An example of when to use a bridge loan for senior care is when a family needs to move a family member to a senior care community but is waiting for insurance or the adult’s home to sell. The funds from a bridge loan can be used to pay for the person’s move into the community. When permanent funding becomes available, the loan is repaid, and any remaining funds can pay for the facility.
The Elderlife Bridge Loan
ElderLife Financial Services offers a bridge loan that is specifically designed to help families pay for immediate senior care costs. The application process is fast, and ElderLife Financial staff make the experience simple and straightforward. Loans are approved quickly, and funds are typically released within 24 hours.
While families wait for permanent funding to become available, they don’t have to wait to get the older adults they love the care they need. Families can make payments for senior care easily on the ElderLife Financial website. Payments go directly to the facility or care provider.
The ElderLife Bridge Loan is similar to a line of credit. Borrowers are approved for a maximum dollar amount, but they do not need to borrow all of it. Typically, borrowers use only what they need as they need it. In some cases, the maximum dollar amount can be released in a lump sum. The monthly payment is based on the interest on the amount that has been borrowed and can be paid on ElderLife Financial’s website.
Benefits of the ElderLife Bridge Loan
Using a bridge loan to pay for immediate senior care costs can be beneficial. Key benefits of the ElderLife Bridge Loan for senior care include the following:
Easy application process. The application requires some information, but it can be completed in just minutes.
Fast approval time. The loans are usually approved within 24 hours.
Include multiple co-borrowers on one application. If an older adult needs to move to a senior care facility, up to six people can apply for the loan. They do not need to be related. Typically, their adult children may include themselves in the application to share the responsibility.
Prepay without penalty. The ElderLife Bridge Loan can be prepaid without penalty.
Assisted living move-in incentives. Some assisted living communities offer to pay the interest of the bridge loan if the person decides to move to that facility, so the family pays back only the principal, borrowing the money at no cost.
Other considerations for a bridge loan for senior care
Credit score for a single borrower. A fairly strong credit score is required if just one borrower is on the application. With multiple co-borrowers on the application, the credit scores do not need to be as strong.
Interest rates are higher than those of some other types of loans. While the interest rate on the ElderLife Bridge Loan may be higher than that of a home equity loan, it is lower than that of credit cards or other personal loans.
Short-term loan. If the family is not actively arranging for more permanent funding to become available in the next year, they may be stuck with paying back the loan before the permanent funding comes through.
How to qualify for a bridge loan for senior care
A number of factors are considered when a family applies for an ElderLife Bridge Loan.
Credit scores. If multiple co-borrowers are on the loan, a low credit score may be offset by the higher ones; however, credit scores are considered in the application process.
Assets. Borrowers’ assets, such as liquid assets, income, and home equity, are considered.
Other funding sources. The family typically needs a bridge loan for immediate funds while they wait for other funding to become available. Other funding may be VA benefits, insurance, or proceeds from the sale of a home. ElderLife Financial asks this question to know the source of the other funding that the family is waiting to receive.
Some factors are not considered when applying for an ElderLife Bridge Loan:
Age of the person who needs senior care.
Health condition of the person who needs senior care.
Marital status.
Bridge loans for senior care are short-term solutions to immediate financial needs that can help families get the care they need for their loved ones. If you or a loved one needs senior care and is waiting for other funds to become available, applying for an ElderLife Bridge Loan can help you get the care you need.
