What does a family do when faced with having to pay for a senior loved one to move into a senior care community? Emily Schwarz with ElderLife Financial joins Suzanne to talk more about solving this financial conundrum, courtesy of MorningStar Senior Living.

Emily says, “The last two years, we've been seeing homes fly off the market, so it was very easy for someone to decide they're moving into senior living, put their house on the market, and 30 days later they have the money. Now, this year has had the lowest number of new mortgage applications in 22 years. We all know interest rates are going up, so people that were trying to buy a home or thinking of buying their home have less buying power. So many of them are afraid to move out of that rental into a home purchase, and therefore seniors that are selling that home aren't able to sell it as quickly as they thought. And so we're trying to help families through that process, because when they need the care, they really need to be moving into the community.

"ElderLife has the perfect solution for that, and we've been doing this since 2000. We've been helping families understand how to get funding to pay for their care. But it's even more important than for a long time in the recent past. So what we do is we offer a family an ElderLife Bridge loan, and what that Bridge loan will do is provide them funding to move into their community while their home is listed for sale. In fact, we can even provide the funds before it's listed. We know that, many times the children need to move mom and dad out of the home in order to get it ready for sale. We want them to get that top dollar, getting $10- or $50- or $100,000 more, because it's an empty home. Maybe a staged home, a re-painted, new-carpet home."

Hear much more on today's podcast. For further information, call the concierge family line at 888-228-4500 or visit ElderLife Financial's website. Courtesy of MorningStar Senior Living.

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