(Seattle, Washington) March 13, 2009 -- SNAPforSeniors, the leading online senior housing information resource and matching service in the United States, has partnered with Elderlife Financial Services and Life Care Funding Group to launch www.seniorcarefunding.com, an online tool connecting people with alternate funding options for senior care.
As the economic downturn has made it more difficult for seniors to rely on traditional sources of funds for retirement, companies like Life Care Funding Group and Elderlife Financial Services have responded by increasing their efforts to provide alternative solutions. Life Care Funding Group facilitates the liquidation of existing life insurance policies through the Life Settlement secondary market while Elderlife Financial Services offers a loan specifically for senior housing.
A Life Settlement acts as a funding bridge to help life insurance policy holders receive a lump sum payment which can be used to pay for senior care. “For people looking to raise money to cover the costs of senior housing and care, Life Insurance Settlement is an ideal funding option”, said Chris Orestis, president of Life Care Funding Group. “Seniors and families can now tap into a secure and guaranteed asset such as a life insurance policy to quickly raise money when needed.”
“Unlike so many companies in the Life Settlement marketplace that only offer their products to policy holders with life insurance policies of $1 million or more in death benefit, Life Care Funding Group addresses a growing and unmet mid-tier population by offering Life Settlements to policyholders with life insurance policies as low as $50,000 in death benefit. In these tough economic times, raising awareness of life settlement funding options for senior housing or home health can be a surprise blessing to many needy seniors and their families,” states Eve Stern, president of SNAPforSeniors.
Elderlife Financial Services (efs) makes available the efs:Access Loan, a loan structured as a line of credit to help families pay for senior housing while waiting for a home to sell, veterans benefits to arrive, or other investments to be liquidated. The efs:Access Loan is available to anyone seeking financing for senior living or assisted living, regardless of age. It allows up to 6 co-signers to borrow up to $50,000 with low, affordable monthly payments during the loan term. At the end of the loan term, a balloon payment is due. All efs:Access Loans are subject to bank and credit approval by M&I Bank FSB.
“In the face of falling home and stock values, rising inflation and depleted savings, many families are seeking access to new sources of funding,” explained Elias Papasavvas, CEO of Elderlife Financial Services “We have found that by partnering with Elderlife Financial Services, both our current and prospective families can now access funds quickly and easily,” states Jayne Sallerson of Emeritus Senior Living.
seniorcarefunding.com offers seniors and their families information and a quick online test to determine their eligibility for either of these new senior funding options and then puts them in touch with a representative who can assist them with the process. “Securing an efs: Access Loan with Elderlife Financial Services or completing a Life Insurance Settlement with the Life Care Funding Group allows seniors to take care of their needs now without having to sacrifice decades of equity in their homes for immediate cash needs,” said Derek Preston, CEO of SNAPforSeniors.
About Life Care Funding Group
LCFG's principals have decades of experience in the insurance industry, healthcare, and working with seniors to ensure that they have the highest quality retirement living options possible.
About Elderlife Financial Services
Since 2004 Elderlife Financial Services has been helping families pay for assisted living and senior living by offering their efs: Access Loans.
About SNAPforSeniors
SNAPforSeniors®, Inc. is a Seattle-based information company and developer of the most current and comprehensive Web-based senior housing resource, home healthcare and matching service in the U.S. SNAPforSeniors licenses it data to third party websites to provide objective information about the nation’s 60,000+ licensed senior housing facilities and home health at the fingertips of consumers and their advocates. For more information, e-mail info@snapforseniors.com or call 206-575-0728.