Most ElderLife Bridge Loans are structured like a line of credit. You only draw down what you need on a monthly basis. While we approve you for the credit limit, you only pay interest on what you borrow and you only pay back what you drew down. However, if you need a large sum up front, ElderLife can structure the loan as an amortizing loan. A Financial Concierge® will work with you to determine the best structure for you.
Type: Bridge loans
What can the money be used for?
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 amount you request can vary month by month.
Can I pay off the loan early?
There is no prepayment penalty on the loan. You can pay the entire balance due at any time during the life of the loan without penalty.
What is the interest rate?
Contact or call us at 888-228-4500 to get current interest rates.
How do I apply?
You can apply over the phone by calling our toll-free number (888) 228-4500 or online by using our secure form. In most cases, you can complete your application in less than five minutes. There are no fees to apply, and the process is fast and easy. Also, as many as six people can apply on the loan, and they don’t have to be related.
How do I know the amount of money I will need?
A Financial Concierge® will work with you to determine how much additional money you’ll need while you’re waiting for your long term plan to pay for care to realize.
