He has a contact that can get you a special loan on your home equity. Older folks may have built up substantial equity in their homes. These folks may be short on cash and yet be sitting on tens of thousands of dollars on home equity. Reputable banks can arrange for ways to tap those funds. But remember, the con artists see the combination of home equity and being short on cash as an opportunity.
Con artists are often women.
You can't make the payment, and the formerly helpful lender forecloses on your home. No reputable loan agency will even ask you to take out a loan knowing that you cannot make the payments. It turns out that the new monthly payments are so low because you are paying only the interest. At the end of a period specified in small print, the balance of the loan is due in one payment. You lose your home.