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Bridge Loans For Seniors

The SeniorCare Investor will host an important webinar — Bridge Loans: The Hottest Lending Product for Seniors Housing and Care– on Thursday, December 6, 2018, at 1:00 PM ET NORWALK, Conn., Nov. 28,

The Washington, D.C.-based company specializes in providing bridge loans to cash-strapped families that temporarily can’t afford a move to an assisted living facility, nursing home or other senior living community. Elderlife, which launched in 2000 and went national in 2007, has issued more than $60 million in loans over the past two years.

What is a Bridge Loan? It’s an unfortunate fact that the move to assisted living for a senior is often unexpected or sudden; consequently, there’s often an immediate and urgent need to access funds to pay for the expenses involved in the transition (including moving costs and "move in" costs that can add up quite rapidly).

Elderlife Financial Senior Living Bridge Loans | Pros & Cons – The "elderlife bridge loan" was created to help seniors and their families with the cost of assisted living, home care or skilled nursing on a short-term basis, typically for periods ranging up to 12 months, but sometimes longer.

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Search For and Learn about the Benefits and Limitations of Federal, State and Private Payment Options for Long Term Senior Care. Includes Medicare, Medicaid, Social Security, Veterans’ Benefits, Reverse Mortgages and other options.

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Bridge loans are often the only option for seniors who need financing to purchase a new primary residence. quick loan approvals and funding hard money bridge loans are often approved the same day the completed application is received by the lender. Owner occupied bridge loans take 2-3 weeks to fund because of the current federal regulations.

Commercial Bridge Loan Rates SBA bridge loans are used with both SBA 7(a) loans, and SBA 504 loans, and can be used for general working capital purposes, or to bridge a commercial real estate loan. small businesses that choose to use a SBA bridge loan should be careful, though, because if you get the wrong type of financing, you could find yourself ineligible for a SBA loan.Home Bridge Loans A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan.

As of June 2018, Elderlife Financial is the only organization offering a loan product that is specifically designed as a Senior Living Bridge Loan. 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.