Seniors who as a result of the impact of the financial meltdown on house prices are unable to sale their homes and move into assisted living centres are finally getting some help.

Reports said officials of an assisted living centre in Saginaw are now helping clients find funding through life settlements.

This will mean the seniors selling the face value of their life insurance policy to an institutional buyer, making it the eventual owner and beneficiary.

A senior official of the centre was quoted as saying that: “We’ve talked to seniors who would like to move in but are hesitant and hoping the market would turn around.”

Most of the seniors, who can’t find buyers for their non-liquid assets are not qualified for Medicaid with their homes and this further compounds the problem, the official explained.

Although heavily affected by the financial crisis many of the seniors are still unaware that they could trade-off their life insurance if they can’t afford the premiums or when they don’t need  the cover, said official of another body assisting them to find buyers.

“Often they let them lapse and get nothing or surrender the plan to the insurance company for just pennies on the dollars,” he added.