Home equity represents a substantial fraction of the wealth of many elderly persons. It has been suggested that this home equity may substitute for long-term care insurance (Davidoff, JPubE, 2010). We propose to use the run-up in housing prices during the United States' real estate "bubble" and the subsequent bursting of that bubble to test this hypotheses, taking advantage of substantial housing price changes both before and after the bubble along with substantially regional variations in these changes. The Health and Retirement Survey, linked with geographic house price indices, will be the primary source of data in this study. The HRS is ideal for this study because it follows a large, representative sample of elderly persons over time and includes detailed income, asset, family, and health information.