Financial Resources
Before considering outside resources, we recommend starting with a clear understanding of your available personal assets. These might include:
- Savings or checking accounts
- Retirement funds (401(k), IRAs)
- Investments like stocks, bonds, or CDs
- Life insurance policies or annuities
Our team can help you assess your financial landscape and point you toward solutions that align with your family’s goals.
For many families, a senior’s home is their largest financial asset. Selling that home can free up the resources needed to pay for care.
We recommend working with a Senior Real Estate Specialist® (SRES®)—a Realtor® trained specifically to help older adults navigate this process.
You may also consider:
- Liquidating personal belongings you no longer need
- Conducting an estate sale
- Working with professionals who specialize in downsizing support
If you or your loved one served in the military, you may qualify for VA Aid & Attendance benefits. This program can provide over $2,700 per month in tax-free income to eligible veterans and their spouses to help offset care costs.
Eligibility is based on:
- Service during wartime
- Medical and care needs
- Income and asset levels
Our partners at AidandAttendance.com can help determine your eligibility in just a few minutes—and walk you through the application process.
If you or your loved one has a long-term care insurance policy, it may cover some or all of your care at Optimized Senior Living.
Policies vary, so we recommend reviewing your coverage details. If you're unsure what your plan includes, ElderLife Financial can review it with you at no cost and help ensure you're receiving the full benefits available.
Did you know that some life insurance policies can be converted into a living benefit?
Depending on your policy, you may be able to access its cash value while still living—or even sell it to help cover care expenses.
This option isn’t available for every type of policy, but it’s worth exploring. We can help you review your plan and connect you to a trusted advisor for next steps.
Certain senior care expenses may be eligible for tax deductions. For example, if care-related costs exceed 7.5% of your adjusted gross income, you might be able to deduct those on your federal tax return.
Consult with your tax advisor or accountant to understand what you may qualify for and how to structure care payments to maximize these benefits.
If you’re waiting on other funds—such as the sale of a home or VA benefits—you don’t have to wait to move in.
ElderLife Financial’s Bridge Loan program helps families cover short-term expenses while long-term funding is being finalized.
Here’s how it works:
Apply in as little as 10 minutes
Get approved in under an hour
Funds can be available within 24 hours
This solution has helped thousands of families move forward without delay—even when money is still tied up elsewhere.
If at least one spouse or family member is staying in the home, a reverse mortgage (HECM) might be a viable option.
This federally regulated loan allows homeowners 62 and older to access their home’s equity without selling. Funds can then be used to pay for care while still preserving residency in the home.
You’ll need to go through a HUD-approved counseling session to determine if this option fits your needs, and we’re happy to help point you in the right direction.
Every family’s financial situation is unique—but that doesn’t mean you have to figure it out alone.
We’re proud to work with ElderLife Financial to help you explore all available options and build a personalized plan that works for your family.
Whether you’re ready to move in or just starting to explore your choices, our team is here to walk with you—every step of the way.