A type of loan where an individual borrows against the value of their home and does not have to pay back the principal until the individual sells the home or leaves the home permanently.
More Common Terms
- Long Term Care (LTC) Health, personal and social care provided over a sustained period of time to individuals who are functionally or cognitively impaired. This may include in-home care, assisted living or skilled nursing facility.
- Aging in Place A concept that advocates for allowing an individual to remain in his/her home and the community regardless of cognitive or functional impairments.
- Supplemental Security Income (SSI) A federal government program that pays benefits to low-income individuals. In order to qualify, individuals must be age 65 or older, blind or disabled.