Elderlife Financial is going through some management changes and as a result, the company’s founder is no longer with the company.
Elias Papasavvas, the founder of Elderlife has been replaced by Roque A. Santi as the chief executive officer. Prior to joining Elderlife, Santi was the president of ECC Capital, a mortgage Real Estate Investment Trust (REIT) that originated and acquired nonconforming loans.
Papasavvas confirmed that after founding and leading the company for 12 years, his last day was October 18th. Beyond confirming he was no longer with the company, Papasavvas politely declined to give anymore details about his departure.
Elderlife provides a range of financing solutions to help seniors move into approximately 3,000 senior living communities, often providing interim financing as homeowners wait for their houses to sell. The company declined to give any details on why Papasavvas is no longer with Elderlife, but said it’s business as usual.
“Our strategy is unchanged and we continue to provide better and more appropriate financial solutions for seniors and their familes as they embark on senior living,” said Santi during an interview with SHN.
As far as Papasavvas’ future, it sounds like he will remain in the business in some fashion.
“I remain committed as ever to passionately serving seniors and there is a lot of work that remains to be done.”
Written by John Yedinak