efs:Access Loan

Here’s a dilemma that many seniors face these days.  They have made the decision to join a senior living community, and they are eager to make the move—but there’s a sticking point.  With the real estate market slowing to a crawl, it’s taking longer than expected to sell their home to finance the transition.  At the same time, the tight credit market means that finding a loan to pay their expenses until their home is sold can be difficult. 

You Don't Have to Wait
Rather than endure a living arrangement that is less than ideal while waiting for their house to sell, seniors can now take advantage of a relationship between Sunrise Senior Living and Elderlife Financial Services to bridge this financial gap.  Elderlife has created efs:Access, an unsecured loan that is structured like a line of credit, in amounts that range from $3,000 to $50,000.  Seniors can borrow the money they need each month to pay their Sunrise fees without using their home as security.  Up to six family members or responsible parties can cosign the loan.

The efs:Access application process is straightforward, usually taking no longer than ten minutes.  Once an application is filed, seniors receive a decision within two hours.  If the loan is approved, seniors simply inform M&I Bank FSB, Elderlife’s financial partner, how much they owe in excess of their available resources each month, and M&I will transfer those funds directly to their Sunrise Senior Living account, where it will be credited against their bill.  Terms of repayment may vary.

Do Your Homework
If you’re interested in applying for an efs:Access loan, it’s only prudent to begin by estimating your monthly needs.  You can do this by contrasting your current cost of living against the expected cost of living in a Sunrise Senior Living community.  Many people discover that monthly fees are roughly the same as current spending on utilities, insurance, maintenance, and meals and that the amount they need to borrow is small. 

In essence, an efs:Access loan makes it easy for seniors to get on with their lives while the housing market stabilizes.  It also gives seniors the ability to get the most for their homes when they do sell, because they can resist pressure from buyers who offer low bids.