Minneapolis, Minnesota – 5/25/2010 – Many seniors and their families are financially strapped and stressed about how to pay for needed senior housing or long term care services. As many seniors have seen their retirement nest eggs shrink due to the decline in the value of their real estate, stock portfolios, or other assets, traditional funding sources such as long term care insurance or reverse mortgages may not adequately meet their needs.
Ron Hagberg, founder and CEO of ElderCare Funding Solutions says “given the increasing difficulty for seniors and their families to find ways to pay for long term care and senior housing, we are extremely excited to be able to inform seniors and their families about these creative financing options and show them how to access these funds.”
The Veterans Administration Aid and Attendance Pension Benefit is a program that provides monetary help to Veterans and surviving spouses who need the attendance of another person to help them with bathing, eating, toileting, and dressing and undressing. Veterans who are blind or are a patient in a nursing home because of mental or physical incapacity are also eligible. Needy Veterans may receive up to $1,644 per month to pay for care in the home, assisted living community, or nursing home; couples up to $1,949. Approval is not dependent on disability or war-related injury.
The ElderLife Senior Line of Credit is a loan structured as a line of credit with low, interest-only monthly payments that can be used to finance or supplement senior housing costs. Up to six family members can share this unsecured loan (requiring no collateral) which is typically used to pay for move-in fees or deposits, monthly rent, or past dues to a community. Families like this option because it gives them breathing room while waiting for a home to sell or for the value to increase, for Veterans benefits to be approved, or to pay for care until a Long Term Care Insurance elimination period is satisfied. The application process is simple, approval is quick, and funds can be available within 48 hours.
The Life Care Assurance Benefit provides liquidity for the owner of an in-force insurance policy to cover the costs of Senior Living and Long Term Care, while still preserving a death benefit. If a policy owner no longer needs, or can no longer afford their life insurance policy, he or she may be able to use up to 45% of the face value of the policy to pay for Senior Housing or Home Care.
There is no cost or obligation to have ElderCare Funding Solutions determine if an individual qualifies for one or more of these options or how much their policy is worth. Ron Hagberg is co-owner of Visiting Angels Living Assistance Services in St. Louis Park, Minnesota, which provides in-home non-medical care for seniors. He founded ElderCare Funding Solutions to meet the needs of seniors and their families to access creative, alternative funding sources for senior living. Contact ElderCare Funding Solutions for additional information about any of these programs.
