A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Similar to reverse mortgages, viatical settlements involve insured individuals with a life expectancy of less than five years. In countries with high health care costs (such as the United States), this is a practical way to pay extremely high health insurance premiums and other senior care expenses that severely ill people face. Some people are also familiar with life settlements, which are similar transactions but involve insureds with longer life expectancies (two to fifteen years). - From Wikipedia and other sources 5/2007Erickson Retirement Communities Establishes Realty & Moving Services Company to Help People Sell Their Houses and Attain the Retirement Lifestyle That
CATONSVILLE, Md. (Business Wire EON) January 16, 2008 -- "People want to move into our retirement campuses," said Tom Neubauer, senior vice president of sales for Erickson, adding that more than 100 people have already moved since the start of 2008. "They need a little reassurance at this time that they are making the right real estate decision. We are putting the pieces in place to help them attain the retirement lifestyle that they want without having to worry about finances and moving logistics." Neubauer said that hundreds of people express interest in the Erickson retirement lifestyle each week.
The ERMS program has already resulted in a total of 221 settlements in the Michigan, Illinois and Massachusetts markets where it has been introduced initially in the past few months. A national rollout is imminent.
ERMS involves a team of personal moving consultants, retirement counselors and a comprehensive resource network that encompasses specially selected realtors, downsizers, stagers, contractors, and movers. "Together, we are establishing strategic partnerships and alliances to address the challenges in today's real estate market that our customers are faced with," said Neubauer.
ERMS works with retirees to help them establish sales prices for their homes. Marketing assistance is also provided, as are logistical services related to moving/downsizing. The ERMS team prepares a customer's property to obtain the highest sale price within each market. ERMS also provides heightened exposure of the property and reduced days of market time.
Retirees who are on Erickson's Priority List, as well as people who are reserving apartment homes, are introduced to their own personal moving consultant who marshals every step of the sale of their houses and their actual moves for them. "We are removing the economic -- and the psychological obstacles -- to moving," said Neubauer.
Advertising support of ERMS includes an array of direct mail, newsletters and Erickson Tribune newspaper articles tailored to customers (and their needs) and specific markets.
More than 20,000 people presently live at Erickson campuses. "We are optimistic about the coming year," said Neubauer.