Helping Seniors Move Without Waiting to Sell
What Is a Senior Bridge Loan?
A bridge loan provides temporary financing that allows homeowners to complete many parts of the home buying and selling process. It could be as simple as the purchase of their next home before selling their current one. For a few of Mitch’s clients who choose Independent Living or Assisted Living It offers flexibility when timing is critical. The bridge loan could provide money to pay for the new home, services to make the move and even repairs to the existing house and make it market ready to obtain the highest price.
This option is especially helpful for mature adults and seniors who need to move, and have all of their funds and life tied up in their existing house. This provides the needed capital to make the move at the pace our clients need with the ability to get an existing home ready to obtain the highest price possible in today’s market.
Why Is It Important for Seniors and Families?
Sometimes a retirement community or ideal home becomes available before a current house is sold. A bridge loan can help eliminate the pressure of trying to coordinate both transactions at the same time.
How Mitchell Schwartz Helps
Mitchell helps mature adults, seniors and their families understand whether a bridge loan may be appropriate and connects them with trusted lending professionals. His role is to educate clients and help them compare all available financing options.
Schedule a No Obligation Conversation
Whether you're planning to sell now or simply exploring your options, schedule a quick call or send Mitchell an email to discuss your goals.
Frequently Asked Questions
Who qualifies for a bridge loan?
Qualification depends on your financial situation and lender guidelines. The company Mitchell often refers people to for this type of loan is highly rated and reputable.
How long does a bridge loan last?
Most bridge loans are designed as short-term financing until your current house sells.
Is this better than a traditional mortgage?
Every situation is different. Mitchell helps clients understand the pros and cons of each option. Not necessarily better, just different. Because its purpose is to help with a transition to a new home or community, this type of loan is built for the short term.