Elias Papasavvas Describes the Unique Benefits of a Senior Line of Credit (Podcast)

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.