This page is focused on various financial options that many families consider when developing an aging plan or transition. Please do not choose an option solely on the information below. Contact us so that we can apply each financing option in conjunction with your families’ planning objectives.
Elderlife Financial Bridge Loan
When initially transitioning a loved one to senior living, it is common for families to experience a gap in available funding when trying to pay for care. Do any of these financial scenarios below sound familiar?
- I want to move to a community, but I need to sell my house first
- I need to move to assisted living quickly, but I don’t have immediate access to cash
- I need to pay for rent and care while I am waiting for benefits to begin paying
- I need to pay a large up-front entrance or move-in fee, but I don’t want to sell my home before I move
The Elderlife Bridge Loan allows you to pay for rent and care in the short term, while waiting for other funds to come in later. Most importantly, it gives you time to make the best decisions for you and your family, and the peace of mind that comes with having this option.
To learn more, please visit www.elderlifefinancial.com
Home Equity Loans
There are two types of home equity loans:
- Lump sum – This is a one-time, closed-end loan that usually has a fixed interest rate.
- Revolving line of credit – You can withdraw the funds at any time for more flexibility. These usually have adjustable interest rates.
Home equity loans are typically used for major home safety renovations such as chair lifts, elevators, ramps, etc.
If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage.
It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. But take your time: a reverse mortgage can be complicated and might not be right for you. A reverse mortgage can use up the equity in your home, which means fewer assets for you and your heirs. If you do decide to look for one, review the different types of reverse mortgages, and comparison shop before you decide on a particular company.
Medi-Cal is California’s Medicaid health care program.
Medi-Cal pays for a variety of medical services for children and adults with limited income and resources. Medicare is a federally funded insurance program for eligible participants 65 or over. Medicare does not cover 100% of all costs and you may wish to purchase other Medicare-related insurance products such as Medicare Advantage or a Medicare Supplement policy.
Identity theft can happen to anyone
Moreover, seniors are at a much higher risk of falling victim to these scams. The link below is helpful to learn more and report any suspicious activity.