Back to Resources

How Does an Elderlife Financial Loan Work?

As you prepare to settle into a senior living community, we understand that you may have many questions. “How am I going to be able to afford this?” may very well be one of them.

If so, don’t worry. Solterra Senior Living has worked with many people just like you who have asked that same question. It’s one of the reasons we pride ourselves on working with our residents to find the right type and amount of financial assistance.

One of our available options is an Elderlife Financial loan. Think of it as a line of credit, available when you need it and to be accessed as much or as little as you need. An Elderlife Financial loan is available to both seniors and non-seniors who want simple financial solutions to help pay for senior living. We’ll give you the rundown of what you need to know so you can decide whether this is the right option for you.

How It Works

An Elderlife Financial loan provides a quick, flexible way to access money for your senior living needs. It may take time, for instance, to sell your home or acquire other types of funding for your senior care living expenses. While you’re waiting to profit from an estate sale or to qualify for benefits, you can easily qualify for an Elderlife Bridge Loan. It allows you to pay for immediate expenses while waiting for other funds to come in at a later time. Elderlife Financial loans provide the flexibility you need to acquire the lifestyle you want.

What It Will Cost You

A key trademark of an Elderlife Financial loan is flexibility. That means you can draw on as much or as little money as you want while making interest-only payments until you sell your home or acquire another source of funding. One major benefit is that our loans provide affordable payments. For each $1,000 borrowed, you can expect to pay as little as $7 a month. It’s a small price to pay for the peace of mind the additional time will afford you.

In addition to the great benefits an Elderlife Financial loan provides, you won’t have to pay any application fees or upfront costs. There are also no prepayment penalties for paying your loan off early.

Another benefit of an Elderlife Bridge Loan is that you can access your funds in as little as 24 hours after you apply. If you want to know how much your monthly payments will be, simply plug some numbers into the monthly payment calculator.

How to Apply

If an Elderlife Financial loan sounds of interest to you, it’s easy to apply. Simply call 1-888-228-4500 or apply online. If you’re still uncertain whether this is the right option for you, schedule an appointment with an Elderlife Financial concierge. A consultation is free of charge, and if you decide to move ahead with the process, your financial concierge will guide you through your transition to senior living, providing assistance every step of the way.

Transitioning to a senior living community may seem overwhelming, but it doesn’t have to be. There are financial resources available to make your transition smoother. Think of it as the first step on your path to easy senior living.