How bridge loans can help seniors
Senior Bridge Loan – Intake Form
Bridge loans can help seniors pay for residential or assisted living costs while waiting for a home to sell, long-term care insurance plan payouts to be made, or approval to be granted for veteran’s pension benefits. Then, once these payments are received, repayment of the loan can be made easily. Seniors may otherwise be forced to delay much-needed care due to limited finances.
Bridge loans can also be used in situations other than to finance senior care. For example, one might be used to provide funds to make a down payment on a new home before an already existing home is successfully sold. Then, once a buyer purchases the original property, profits from the sale can go towards paying off the bridge loan. This provides homeowners flexibility as well as peace of mind if their house doesn’t sell quickly.
The entry fee for these communities / services can range from 2000.00 to over 8500.00 depending the services, community and location
Bridge loan explained
Most commonly used for real estate purposes, bridge loan are a short-term financing option intended to “bridge the gap” between homes. They enable sellers to take advantage of their home equity before their house officially sells, freeing up funds to pay for assisted living in the meantime.
InVestus Group can help pay for:
- Assisted Living
- Independent Living
- Skilled Nursing Facilities
- Continuing Care Retirement Communities
- Home care services
- and much more
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Bridge loan process explained for Seniors Living Move-ins
- Client Needs to Move but Lacks Funds
- A senior wants to move into an Assisted Living Facility (ALF) but can’t afford it upfront.
- Home is Listed for Sale
- We help the senior list their home on the market.
- Bridge Loan Application
- A bridge loan lender evaluates the home’s value, expected sales timeline, and the senior’s financial picture.
- Funds Disbursed
- Once approved, the lender releases the funds.
- Repayment
- When the home is said, proceeds are used to repay the bridge loan.
- Bridge Loan Closed
- The loan is settled, the lender is repaid
When assisting seniors preparing to move into a senior living community, several services we can provide to facilitate a smooth transition, whether they are selling their home or considering keeping it. Here are some services we offer:
- Real Estate Services:
- Home valuation and market analysis.
- Listing the home for sale if they decide to sell.
- Coordination with real estate agents.
- Staging and preparing the home for sale.
- Senior Move Management:
- Sorting and downsizing belongings.
- Packing and unpacking services.
- Coordination of movers and logistics.
- Arranging for storage if needed.
- Financial Guidance:
- Assistance with financial planning related to the sale of the home.
- Advice on managing proceeds from the sale.
- Referrals to financial advisors if required.
- Legal and Documentation Support:
- Guidance on legal aspects of selling a home.
- Assistance with paperwork and documentation.
- Referrals to legal professionals if necessary.
- Emotional Support and Counseling:
- Emotional support during the transition period.
- Counseling on managing stress and anxiety related to moving.
- Home Renovation or Repairs:
- Coordination of home repairs or renovations to prepare for sale.
- Referrals to contractors or handyman services.
- Continued Home Maintenance:
- Ongoing home maintenance services if they choose to keep their current home.
- Referrals to home care services if needed.
- Community Resources and Information:
- Providing information about senior living communities.
- Tours and introductions to potential communities.
- Assistance with understanding senior living options and amenities.
- Follow-Up and Support:
- Post-move follow-up to ensure they have settled in comfortably.
- Continuing support as they adjust to their new living arrangements.
These services aim to support our seniors in every aspect of their transition, whether you are selling your home or considering other options while moving into a senior living community.