The Cottages of New Lenox, a charter senior living community, has partnered with Elderlife Financial Services to provide prospective residents and their families with financial assistance for its assisted living and memory care community.
“As we continue to work hard to make each community home for our residents, we also realize that sometimes finances can become a source of anxiety,” said Mark Heuer, executive director of The Cottages of New Lenox, in a news release. “This should never be the case, as everyone should be able to age away from the stresses of finances.
“Elderlife provides seniors and their loved ones with financial information, guidance and services that simplify the financial pieces to senior living. With a single phone call, potential residents and their families can get a complete solution tailored to their unique needs and resources.”
Elderlife offers support with real estate, veterans benefits, insurance policies, short-term bridge loans and other financial options. Elderlife helps design a personalized financial plan for each family.
Since 2004, Elderlife has helped families pay for assisted living and senior living by offering loans structured as a line of credit with limits of up to $50,000. The loans are available to families who need to bridge the time it takes to sell a home, liquidate a portfolio or receive veteran benefits in order to move a loved one into a senior housing community.
The loan allows up to six borrowers, room enough to include most family members and friends on one note, making it a “family loan.”