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How Does an Elderlife Line of Credit Work?

Did you know that the average cost of assisted living is about $4,000 a month? We understand that’s a lot of money for most people.

Did you know that the average cost of assisted living is about $4,000 a month? We understand that’s a lot of money for most people. But we also know that assisted living can be necessary to make sure you or your loved one is getting the proper quality care at an assisted living home such as the Mission at Agua Fria. There are several options to help manage the cost of assisted living, such as an Elderlife line of credit. Elderlife brings financial solutions to you on a personalized level. You can create a customized plan to pay for whichever community you choose. An Elderlife Bridge Loan can be a solution for you. How does an Elderlife line of credit work?

For Money in the Short Term

If you need money fast, choosing the Elderlife Bridge Loan may be for you. Whether you need to pay for assisted living while waiting for other benefits to come in or you need to pay for it while waiting to sell your house, this loan is an option. We know that selling your home can be a time-consuming process and how long it can take to fill out applications and hear back from benefits you may be entitled to, such as through the VA. Your health might not allow you to wait for these things, however. That’s where the Elderlife Bridge Loan is beneficial.

No Out of Pocket Costs

Whereas many applications for loans have up-front costs or application fees, the Elderlife Bridge Loan is a line of credit that does not. The application is free and short—in fact, you can get it done even over the phone in just 15 minutes.

It’s Based on What You Need

There’s a lot of flexibility with an Elderlife loan. You only have to borrow the amount necessary for living expenses. There’s no reason for you to borrow more when you only need a specific amount, and as a line of credit, you can borrow the money as you need it. You don’t have to borrow a large amount up-front. Because you’re only borrowing what you require, repaying your loan is reasonable too. Monthly payments are affordable, interest-only payments. Elderlife even has a tool to help you calculate what your monthly interest payment would be.

Family Friendly

The loan doesn’t have to be for just one person. Multiple family members can utilize the loan if needed. This can make managing the finances easier, especially if a family member will be taking care of the payments to the assisted living community of choice. The Elderlife line of credit is a great way to get funds fast. After going through the application process and getting approved, you can borrow anywhere from $5,000 to $500,000 in as little as 24 hours. This is a great benefit to consider if you are looking to move into an assisted living home but don’t yet have the full funds to pay for it.