riddle - When words speak!

Short Steganographic Riddle!

Every time you ask me, where do you stay?

It's vague but I stay here, I will say.
We are three, you know it. Check if it fits your height.
3 elders of this riddle decide my name, begin from the right.
Let's add a couple of lines more, to add a little spice.
Wrapped around, not a killer, I am nice.
Riddle formed of many, though useful only a few
The master who decodes ingenious "3 Elders" factor, gets a new!
I will fill in two more lines, and say, I hide the twist and look straight,
By elder, I mean nothing, but the weight. Don't you get?

Find what is hidden up there!

Enjoy!

Hint

X and Y are two people - X has lived for 10 years and Y for 15 years. Who is elder? Y right? Why? Because, he has lived 5 years longer than X. Similarly, a riddle is formed of _____ out of which 3 are the elders. Significant?

Answer

You are a

TIE

---

After I posted this puzzle I was told this was similar. So I tried

Checking the letter frequencies for the entire riddle.

Now we have the line

3 elders of this riddle decide my name, begin from the right.

And

By elder, I mean nothing, but the weight. Don't you get?

This is hinting at

The three most occurring letters. Weight sort of cluing importance.

They are

EIT

and 'starting from the right' gives the word

TIE - just reverse it

There are also a couple of clues:

Wrapped around, not a killer, I am nice.
I hide the twist and look straight,

Which fit the answer:

A tie is wrapped around your neck, but it is not a noose, it doesn't kill you, it makes you look smart. It has a twist (knot) then a straight bit hanging down.

So you are a

Tie