Chapter 9: Housing

Question 1

OAA

Answer 1

Older Americans Act. 42 U.S.C 3001 et. seq established the Administration on Aging (AoA) and funds the delivery of services through state and area agencies

Question 2

AoA

Answer 2

The Administration on aging, provides services like housekeeping and meal delivery to clients who meet certain criteria, generally, the ability to pay.

Question 3

HUD

Answer 3

U.S Department of Housing and Urban Development. provides housing assistance to low income home owners.

Question 4

Equity

Answer 4

Difference between the value of the home and the amount owed on the home

Question 5

Home Equity Loan

Answer 5

A traditional Mortgage, with monthly payments due

Question 6

Reverse Mortgage

Answer 6

A loan against equity, not paid back until the owner vacates. The home owner is either given monthly payments or a lump sum, however it can defraud seniors and client counseling is recommended for this type of agreement

Question 7

FHA

Answer 7

Federal Housing Administration, creator of the HECM program.

Question 8

HECM

Answer 8

Home Equity Conversion mortgage that allows senior property owners to work with approved lenders to obtain a reverse mortgage and to choose to withdraw the funds in a fixed monthly amount as a line of credit. For this, the borrower must be: 62 or older, own the property or have a small mortgage balance, occupy the property as a principal residence, not have any federal debt, and participate in a consumer info session given by an approved HECM counselor.

Question 9

Capital Gain

Answer 9

Amount by which selling price exceeds purchase price, may be taxed.

Question 10

Palimony

Answer 10

payment of support known as alimony to a non-spouse companion, also known as common law marriage. Those in this situation must be sure to avoid the actions that lead to states recognizing them as “common law married” and should consider a cohabitation agreement, discussed in chapter 13

Question 11

Common Elements

Answer 11

Parts of common ownership development shared by all owners of an age restricted housing unit

Question 12

Restrictive Covenants

Answer 12

Legal Obligation imposed by deed or contract, may limit use or sale of property.

Question 13

CCRC

Answer 13

Continuing Care Retirement Community, also known as progressive care facilities offer different levels of service and care to meet clients evolving needs.

Question 14

Accreditation

Answer 14

Verification of compliance with standards by a private group. This is voluntary and does not affect the home’s eligibility to act as a medicare or medicaid provider.

Question 15

Custodial

Answer 15

Protective care, generally on site caretaker

Question 16

Lein

Answer 16

Claim against property to secure payment of a debt.

Question 17

Bed-Hold

Answer 17

Resident is not in facility, space is held pending return.