Federal law prohibits mortgage lenders from discriminating on the basis of age, which means that even a 90-year old can get a mortgage. There is also no prohibition on the length of the term, although some seniors may consider a 30-year mortgage overly long. Nonetheless, a 30-year mortgage may be a good choice for seniors who want to minimize their monthly payments. Similarly, there are no age limits for home equity loans or lines of credit. These loans depend on the amount of equity in your home and your credit rating. A home equity loan usually has a fixed term, whereas a home equity line of credit is a revolving loan facility that may have an open-ended term. Seniors of age 62 or older are eligible for a reverse mortgage. These can be an excellent source of cash to help pay for daily living and health care needs. In a reverse mortgage, the lender pays you a lump sum and/or monthly payment. The payments are tax-free, and you don’t have to repay until you leave your home. The amount you receive depends on the equity you have in your home.