How Elias Papasavvas Describes Elder Life Financial

I believe that deep down just about every one of us is willing to give back to our parents. They were there holding our hands when we were young and vulnerable and now, when asked to hold theirs, I believe we do so, and gladly. It may not be simple, it may not be easy, but it is so.  I remember the happiness which would envelop me as a young boy whenever I kicked the ball with my dad, or enjoyed my mom’s cooking after playing all day, and having her rub my head saying I was a good kid that day. It’s the simple memories that over time, transcribe a fascinating family story.

I founded Elderlife Financial Services in the year 2000 with the spirit of helping families give back to their parents.  The banking industry at large neither understands the depth of complex family dynamics involved in caring for a loved one, nor does it know how to expediently and wholly service the family members involved in what is frequently a family decision – what to do for mom or dad.  And frequently associated with that family decision, is the issue of how to pay for things.  While there are numerous professional advisors serving useful and much needed roles, there were few consumer financing options available to help a family pay for senior living and designed to respond to the family as a unit throughout the entire care-giving journey.

Thus was born Elderlife Financial Services, and the Elderlife Line of Credit for Senior Living. Elderlife’s mission is to help families honor their parents.  We do so by helping seniors and their families access the senior living of their choice through simple, convenient financial options we create with thought and care. Frequently the Elderlife Line of Credit is used as an immediate funding bridge to help a loved one move into a private pay assisted living community until a home is sold, veterans benefits arrive, or if a family simply wants breathing room and time to make the move now. Elderlife enables families the breathing room to take their time before making financial decisions that could have long-term implications.

Often, the product is not what makes Elderlife unique (i.e., a line of credit is a line of credit and thousands of banks offer one).  Rather, it is the way with which Elderlife serves multiple family members, the speed with which it responds to the family’s need, the counseling and empathy it understands to lend in the process, the collaboration with senior care advisors and financial planners during a loved one’s move to senior living, and the “little things” that are helpful as a family is in the midst of a thousand other worries on behalf of a loved one.  This is but an inkling of what we do for families.

Today, the Elderlife Line of Credit is accepted in 2,500 senior living communities across the nation and Elderlife is the national leader in helping families finance their loved ones assisted living costs. And yet, I wake up every day rushing to work, knowing there is still so much more for us to do in our quest to help families honor their parents.

About Elias Papasavvas

Elias is the founder and chief executive officer of Elderlife Financial Services LLC.  Elias has focused his career on enhancing access to senior living.  He spent over a decade studying the impact and proper administration of consumer financing in higher education and numerous other service- and product-oriented industries prior to creating a consumer financing program for senior living. Today, Elderlife is accepted in over 2,500 senior living communities nationwide.  Elderlife’s uniqueness lies in its understanding of the various, and at times competing, needs of the senior housing provider and the family.

Before entering the senior living industry, Elias was a CPA in the Banking and Real Estate Mid-Atlantic Division of Arthur Andersen. He holds a B.S. degree from George Mason University and a Master’s of Science in Accounting from the McIntire School of Commerce at the University of Virginia. Elias also serves on the Board of Directors of the Virginia Assisted Living Association and on the Advisory Board of the George Mason University Assisted Living program.  Elias is a frequent speaker at aging and senior living conferences on the need for affordable access to senior living and is viewed as a respected authority on the field of consumer financing for senior living.

What a great week we’ve had over at Leaders in Elder Care!

For those of you who don’t know what it is, Leaders in Elder Care is a podcast-based interview series that seeks to share the great things individuals are doing to change the face of elder care.  These are the entrepreneurs, politicians, advocates and caregivers who put it long days to make things better for seniors.   Through Leaders in Elder Care, we give them a chance to brag a little bit about what they are doing.

Each podcast is about 20 minutes and enables our Leaders to share their vision, method, results and futures with you via an intimate, no-frills conversation.

Below is a summary of some of the great interviews we’ve had in the last week.

I would love to hear what you think.  Be sure to leave a comment below and share your thoughts!

The Financier – Senior Lines of Credit

Elias Papasavvas came to the United States with nothing.  His parents were robbed at gunpoint.  As his parents aged, he saw the immense pressure families are put under when they need access to money for elder care and residential care.  That pressure often forces people to liquidate assets at times when their value is the lowest.  He combined his finance experience with a clear market need to create Elderlife Financial and invented the “senior line of credit.”

Read more about Elias and listen to the podcast.

The Dreamer – Ageless Dreamer

What if you could give an elder friend or family member the dream they always wish they had?  A ride on a Harley?  A college diploma?  A sailboat ride?  Laurie Widmark and Ageless Dreamer (a non-profit) have done just that.  Laurie and her team diligently review each Dream request and work hard to put smiles on faces that say “dream fufilled.”  When I first heard Laurie’s story, I said to myself “This is what it is all about!” It was such an amazing interview and Ageless Dreamer is such an amazing idea.

Read more about Ageless Dreamer and listen to the podcast.

Dementia Care – Sollievo

Ellen Dunnigan saw a critical gap missing in the market for dementia-focused home care.  And boy did she fill it.  Sollievo means “relief” in Italian and the mission of Sollievo is to provide just this.  Sollievo is one of many alternative care models sprouting up around the country.  Ellen’s view of a 360-degree care philosophy designed specifically around those who have or are impacted by dementia is really unique.

Read more about Sollievo and listen to the podcast.

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