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Financial Glossary

Understanding the financial tools you need for meeting long-term care needs.

REVERSE MORTGAGE – A loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan each month. No matter how the loan is paid out to you, it is typically not paid back until you permanently move out of the home, sell the home or die. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

SOCIAL SECURITY – A social insurance program that provides monthly benefits to eligible workers — and to eligible family members — who are either disabled or age 62 or older.

SUPPLEMENTAL NUTRITIONAL ASSISTANCE PROGRAM (SNAP) – A state-administered program that helps families and individuals with low incomes buy the food they need for good health. Benefits are accessed with an electronic card that is used like an ATM card and accepted at most grocery stores.

SUPPLEMENTAL SECURITY INCOME (SSI) – Provides a monthly cash benefit to people who are 65 years of age and older, disabled or blind, and who have limited income and resources.

TRUST – A legal arrangement to ensure heirs receive their inheritance. It allows assets to be held and managed by one person or group (the trustee or trustees) for the benefit of another (the beneficiary).

 

For more information about planning for long-term care, visit AARP.org/decide. Decide to plan for long-term care, create a plan that works for you and share it with your loved ones. Let AARP help you Decide. Create. Share.SM

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