Senior Homes Risking Foreclosure

Posted on November 8, 2011


Nursing Homes Hit by Economy

Sunrise Senior Living is a great establishment. It is strictly private-pay, but allows dignity and movement for its residents.

However, as a profit-driven company, the vicissitudes of the marketplace are not kept from its doors. Specifically, there is a recent push to lower overhead and to modify mortgage loans. Not in a bad way, just a refinance as part of the real estate holdings were transferred to another company.

This particular news item is raised on the Axsmith Law blog because it shows a trend in for-profit nursing and elder care: tighter budgets. It’s all fine and well when the economy is great and there’s lots of money. But when the assets of seniors has been hit by a dive in the stock market, children and grandchildren who need help and rising health costs, the profit-driven model gets a little squeezed.

Just something to think about.