Definition: A Healthcare subtype; an entity that provides skilled nursing care and rehabilitation services to people with illnesses, injuries or functional disabilities. Most facilities serve the elderly. However, some facilities provide services to younger individuals with special needs such as the developmentally disabled, mentally ill, and those requiring drug and alcohol rehabilitation. Nursing homes are generally stand alone facilities, but some are operated within a hospital or retirement community.
Commercial Loan Direct offers financing for senior housing mortgages including congregate care facility mortgages, assisted living property mortgages, skilled care nursing home mortgages, and continuing care retirement community loans.
HUD/FHA provides insurance on mortgages that cover housing for the elderly. Known as a Section 232 loan, these loans finance nursing homes, assisted living facilities, and board and care facilities.