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.
Storey Oaks of Oklahoma City 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:
2. Life Settlements
Funds for senior housing and long term care can also be raised through the Life Settlement market. In short, a Life Settlement is the sale of an in-force life insurance policy, while the policy owner is still alive, for an amount much greater than the typical cash surrender value. The process is straightforward and typically takes 30 to 60 days to complete. A Life Settlement is an attractive alternative to the rushed sale of a home or the liquidation of a more dearly held asset at a time of transition.
Storey Oaks of Oklahoma City can provide you with additional funding solutions, as well as a list of preferred providers or referrals for the above options. As with any funding decision, we encourage you to seek guidance from your financial advisor. For more information, contact our leasing office.
3. Long-Term Care Insurance
Helps provide for the cost of long-term care beyond a predetermined period and is generally not covered by health insurance, Medicare, or Medicaid.
Check with your insurance company or agent about coverage you may be eligible to receive.