This can be an effective way to provide immediate funds to pay the up-front and continuing costs of a senior living community prior to the sale of a senior’s home. Working much like a bridge loan or cash advance from a credit card, the loan, once approved, is set up like a line of credit in amounts ranging from $3,000 to $50,000. Families determine how much is needed each month, then funds are transferred directly to the bank account of the senior community. Terms for repayment vary.
The Springs understands many of the financial considerations and challenges that seniors and their families face when considering a transition from residential housing into a senior living community. While the need for senior housing may be immediate, the unpredictability or uncertainty of the economic climate and the financial markets may impact decisions that need to be made.
In today’s economy, many families are exploring new ways to help pay for a senior living community. Traditional means of finance, such as the sale of the senior’s home, are subject to real estate market conditions, while others may be influenced by stock and bond market fluctuations or a host of other factors.
To help you explore alternative financing sources, here are helpful ideas to assist seniors in transition: