You’re ready to make the move to senior living, but you are waiting for certain funds to become available, which might include the proceeds from the sale of your home. That’s where bridge loans can save the day—bridging the gap between lapses in funding, so you don’t have to wait to start enjoying carefree living.
Bridge loans offer the flexibility you need
You’ve been looking at independent senior living apartments, and you might be more than ready to start enjoying all the advantages of carefree senior living, but you’re not sure when to sell your home for the best possible price. Or, you are waiting for VA benefits, the maturity of an annuity, liquidation of certain assets, or other process to complete.
But there is a way for you to make a move now and still have the time to sell your home for the best possible price.
We’re talking about a bridge loan: a quick solution for those who need a source of capital during a transitional period. With a bridge loan, a bank or finance company may loan a homeowner money on an asset (usually the home), and the loan is then paid off once the asset is sold or liquidated. Most loans are provided as a line of credit but can be provided as a lump sum.
At St. Mark Village, we work closely with Second Act Financial Services, a senior-focused division of Liberty Savings Bank, F.S.B., to facilitate the bridge loan process, as well as assist with finding a realtor and selling your home.
Benefits of a bridge loan
- Quick access to funds. Independent senior living apartments in Palm Habor, Florida, are popular and often go fast. If you’ve decided on a specific community and your floor plan choice becomes available, you might want to move in sooner rather than later. And even if you don’t actually move in right away, you could secure your new residence and have more time deciding how you will furnish it to your tastes. You also can begin meeting fellow residents and take part in activities and programs before your actual move-in date.
- More time to get your home ready to sell. The fluctuating real estate market in Palm Harbor, Florida, can get red hot at a moment’s notice, and you want to be ready when the time is right. Repairs, upgrades, downsizing, and more can take much longer than you might have anticipated.
Bridge loans give you more time to prepare a house to look its absolute best, much easier if you are already living in independent senior living apartments when it goes up for sale.
- Financial help with moving out of town. You may have chosen independent living apartments located in another city. You can use a portion of your bridge loan to help with the costs of packing and moving and other unexpected expenses you encounter.
- Receive an answer quickly. No one likes waiting, and with bridge loans, you will appreciate the difference. The approval process for a short-term bridge loan can be as speedy as 24 hours.
- Possible tax deductions. Because this is a Home Equity Line of Credit (HELOC) bridge loan, the interest and fees may be tax deductible. Consult your tax advisor or CPA for details.
And maybe the biggest benefit of bridge loans? You can start enjoying the good life now! You won’t miss out on securing the floor plan of your choice. You’ll be around new friends, have access to wonderful amenities, benefit from dynamic wellness programs, and be able to really relax with no more worries of home maintenance or daily chores.
Related: 3 Reasons Why Waiting Too Long to Move to Senior Living Can Limit Your Choices
We make it easy to start living the St. Mark Village lifestyle!
Not only can we assist with helping you sort through funding options, but we’ve also streamlined the entire application process by using Senior Sign, software designed specifically for ease of use by seniors and their families. No matter where you are in your decision process, we are here for you. If you are looking for a full continuum of care that provides seamless access to future care options, you’ll find that and so much more at St. Mark Village. Come see us today! Download our free guide, Funding Senior Care & Housing or contact us. We’d love to hear from you.
