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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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