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English definition of “Hip”

Hip

noun [C]     FINANCE, PROPERTY
abbreviation for Home income plan : in the UK, an arrangement in which someone receives a regular income from the equity in their home (= its value if it were sold and any loans were paid back): Generally , you have to be 65 or over and own a house worth £60,000 to qualify for a Hip, but rules vary from firm to firm .
(Definition of Hip noun from the Cambridge Business English Dictionary © Cambridge University Press)
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