- Reverse Mortgage: This type of mortgage is available to seniors 62 and older. The lender cuts a check to the borrower as noted above monthly, yearly, or by other arrangements. At the end of the loan, the bank then owns that house. This type of mortgage usually does not require documentation of employment, income, assets, etc.
These are short-term loans that are not secured and most often are made on a current day basis. Some seniors use payday loans when they find themselves short on cash or in between retirement checks