CCRCs from Florida to California, Arizona to Maine, rely on Elderlife to help their seniors access the funding they need to pay for the retirement they want. Whether your services require an entrance fee or you are a Continuing Care Retirement Community provider without entrance fees, we can be of service. Our Financial Concierge Services address the challenges of the initial move to a CCRC. For seniors, a vast majority of their wealth is in real estate, making their equity "trapped," and requiring them to search for financing alternatives for the CCRC entrance fee. Often forced to await the sale of their home before paying the fees, seniors and communities are both seeking solutions to bridge the gap to occupancy. Your Financial Concierge Service helps assure financing for the entrance fee, solving the problems of both parties.
CCRCs benefit from the full-service nature of the Financial Concierge Service. Elderlife Financial serves as the hub and the Financial Concierge for all Financial Concierge Service activities. Working with your CCRC, Elderlife becomes an extension of the community's sales and marketing staff, a resource for the prospective resident, and a facilitator for the senior’s own bank or the financial institution providing the interim credit to fund their Entrance Fee. Elderlife provides support and coordination to the lending officer, financial advisor and compliance department within the bank.
With the community's objectives in mind and as an advocate for the senior, Elderlife leverages the banking relationships to assure a high-quality, high-touch experience for the prospective resident. The financial product is often a secured loan provided with the help of Elderlife. Elderlife can work with the senior’s own bank; their own financial advisor; or if necessary, the senior is welcome to work with one of Elderlife’s carefully screened financial partners. Elderlife screens wealth management/private banking units to identify partners with credibility in the market, a "long-term" vision for serving the growing demographic segment and the interest in becoming a trusted advisor.
Interested CCRCs must apply to participate in the Financial Concierge Service program. Member Continuing Care Retirement Communities will have the following benefits:
- Community-customized marketing and communication tools in support of the Financial Concierge Services.
- A Wealth Management/Private Banking group to provide the "bridge financing" solution;
- An Elderlife Relationship Manager to provide a resource for prospective senior residents, and to coordinate loan activities with a bank's Private Banker.
- A hub to facilitate communication to and from the community, bank and prospective resident.
- Monthly management reports.
- The Elderlife Financial team provides an initial strategic session for the Continuing Care Retirement Community to help integrate the Financial Concierge Services program into the sales and marketing plan. Community-specific collateral materials are developed. Training and education related to the Financial Concierge Services program is provided both as transitional support as well as an ongoing resource. And the Relationship Manager remains a consistent part of the team.
A suite of financial and real estate solutions for your seniors is simply a phone call away. Give us a call at 1.888.228.4500 so that you can be routed to an executive who can assist you today.