Episode 15:1 Elias Papasavvas on Helping Move to the Next Act of Life

The founder and CEO of Second Act Financial Services shares his formula for helping older adults and their families find financial flexibility. Second Act allows people to take their time selling their homes, providing tailor-made bridge loan solutions and comprehensive resources to age well.

About Elias

Elias Papasavvas has dedicated his career to enhancing access to retirement housing and senior living. He is viewed as an authority on tailoring and delivering consumer banking programs for the elder population.

Elias is known for pioneering the concept of elder care loans and point of sale financing for senior living over two decades ago. As CEO of Second Act Financial Services, Elias successfully oversees the Division’s unique lending approach in its understanding of the needs of retirement housing providers, retirees, and their families. 

Elias has been named a “Leader in Elder Care”; has served on the Board of Directors of the Virginia Assisted Living Association, the Advisory Board of the George Mason University Assisted Living Program, the Advisory Board of the American Seniors Housing Association; and is a past member of the American Seniors Housing Association Chairman’s Circle.

Key Takeaways

• Aging in place—especially for solo agers—can be lonely. Studies show social isolation is as harmful as smoking two packs of cigarettes a day.
• Considerations for moving into senior living include the level of independence and support needed for daily activities such as bathing, dressing, and remembering to take medication.
• Geriatric care managers (aka aging life professionals) can initiate hard conversations with aging parents and make assessments that are helpful for next steps.
• Multigenerational living is a viable alternative to senior living. Families are adding accessory dwelling units and in-law suites so older adults can maintain privacy and autonomy.