Hip

noun [C] PROPERTY

Definition

› 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)

Focus on the pronunciation of Hip