LivNow Relocation, in partnership with The Mark Maimon Team (NMLS ID #3550) and NJ Lenders Corp. (NMLS ID #35286), is excited to offer Bridge Loans designed for LivNow’s Senior Living Clients. A Bridge Loan is a mortgage secured against a property you currently own where the cash proceeds can be used to fund the upfront deposit and living expenses for a relocation into a Senior Living Community. Bridge Loans also allow you to access the equity in your current home to help avoid the need to liquidate investments or sell your current home before being able to move into your new one. In today’s market, this is an especially attractive alternative to prematurely liquidating assets.
Benefits of the program include:
- Avoiding tax implications and lost appreciation from liquidating investments
- Eliminating the need to sell your home before moving into the Community
- Allowing you to move into your new home prior to preparing your home for sale and having to host open houses and showings
- Providing funds to fix up your current home so you can sell for top dollar
- Keeping cash reserves intact so you can cover any additional costs of your relocation before you’ve sold your current home
- Being able to fund the cost of care while waiting for insurance or Veterans Assistance benefits to come through
Terms of the Loan
Each applicant’s circumstances are unique, and the available terms can vary depending on the structure of the loan, financial qualifications and credit profile. Our goal is to help our clients find the most cost-effective approach. The loan, which is secured by the home that is being sold, is paid back in full upon closing and there are typically no prepayment penalties.
Timing
On average, the loan process takes 25-40 days to complete. We recommend starting a loan application as soon as a client decides it is an option they want to pursue so they can get a head start on this timeline before the Community fees are due.
LivNow’s Co-Founder & CEO, Maureen Longoria is ‘thrilled to be able to offer this important option to our client communities and their residents. It just takes so much stress off the family to have to sell the home or wait for benefits to kick in. The Mark Maimon Team and NJ Lenders have designed a Bridge Loan Solution that will benefit many LivNow’ customers. According to Mark, “My team and I are incredibly excited to be partnering with LivNow and the communities it represents to bring a much needed solution to seniors. Our product suite is very flexible and adapts to the specific needs and underwriting challenges of seniors as it’s designed to reduce stress during and after the loan process and put the senior and their families in control of their own timeline to sell their current home. Our product also tends to be more competitively priced compared to other senior bridge loan solutions currently in the marketplace. We can also fund costs associated with preparing the current home for sale so seniors can sell their home when it’s in tip top shape and at the most opportune time without a balloon payment looming.”
For more information on LivNow’s Bridge Loan Program, reach out to your LivNow Dedicated Relocation Specialist.
