HUD Assisted Living Loans

What is an Interest-Only Fixed-Rate Loan?

What is an Interest-Only Fixed-Rate Loan?

An interest-only fixed-rate loan is one in which a borrower pays only interest at a fixed rate and nothing towards the principal of their mortgage loan.

What is the U.S. Department of Housing and Urban Development (HUD)?

What is the U.S. Department of Housing and Urban Development (HUD)?

The U.S. Department of Housing and Urban Development, otherwise known as HUD, is a federal government agency that develops, oversees, and executes housing policies, especially regarding affordable and sustainable housing.

Who is Classified as Frail Elderly?

Who is Classified as Frail Elderly?

If someone is classified as frail elderly, they are an older adult who cannot perform at least three daily living activities such as bathing, eating, dressing, grooming, or home management activities.

What are Davis Bacon Wages?

What are Davis Bacon Wages?

Established by the 1931 Davis-Bacon Act and required by many HUD programs, some public works projects must pay workers the local prevailing wages. It is overseen by HUD’s Office of Labor Relations Davis-Bacon compliance division.

What is a Continuing Care Retirement Community (CCRC)?

What is a Continuing Care Retirement Community (CCRC)?

Combining independent living, assisted living and skilled nursing homes, Continuing Care Retirement Communities, or CCRCs, seek to meet residents’ needs at each life stage. A resident may enter the facility in independent living, but later move to assisted living according to their changing needs.

What is a Board and Care Facility?

What is a Board and Care Facility?

Board and care facilities are non-medical alternatives to assisted living and independent living communities. These facilities room, board, and 24-hour care, but do not provide nursing and medical care.

What is an Assisted Living Facility?

What is an Assisted Living Facility?

An assisted living facility is licensed community that provides assistance with daily living activities. On-site medical personnel assist residents with medications, getting dressed, bathing, and social activities.