The AL won’t accept someone who can’t or won’t pay the rent. So they look at income, assets, and credit rating to weed out applicants who are a bad risk.
They might accept someone with bad credit if their income and assets are good and there is a good explanation for why the credit is bad and how the bills will be paid on time in the future. Perhaps someone had a stroke and their bills didn’t get paid for a while, ruining their credit, but now they are recovering or they have a POA, who has caught up on their bills, and set them for auto pay.
Unfortunately, your friend, who has outlived their IRA, may have an income and asset problem in addition to their poor credit. If they can’t afford the AL, they won’t be accepted.
Not where I placed my LO's, they ran a credit check and verified investments to make sure they had funds to pay the rent, like forever. Of course, if it Medicaid there are different rules & regs.
They may or they may not. Each ALF is its own business with its own rules. The ALF will be quite aware of your assets before you enter and if you don't have assets you won't be entering. It isn't something they let you "buy on credit". They will have checked you out quite thoroughly in most cases. They are likely to be very honest with you. You may want to be upfront if you find the place you like and think you can afford it. Tell them your assets, and etc. ALF are a business, as I said. And they will quite readily ask you to leave if you have no assets or are unable to pay your fees. They will present you with all contracts when you interview and you will sign them if you decide to live there. They will stipulate when you may be asked to leave, under what circumstances and within what time frame.
Probably not unless he has a large investment account he can show them where the monthly rent will be paid from. Otherwise, he's a bad credit risk and they won't believe he'll pay his rent....and how WILL he??
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On his own, he wouldn't have been able to rent anything, anywhere.
Guardianship is much more than being a PoA, so it must also encompass someone's ability to get CC's or loans.
They might accept someone with bad credit if their income and assets are good and there is a good explanation for why the credit is bad and how the bills will be paid on time in the future. Perhaps someone had a stroke and their bills didn’t get paid for a while, ruining their credit, but now they are recovering or they have a POA, who has caught up on their bills, and set them for auto pay.
Unfortunately, your friend, who has outlived their IRA, may have an income and asset problem in addition to their poor credit. If they can’t afford the AL, they won’t be accepted.
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