There are a few different reasons why you might need to take out a home loan as a senior, including:
Buying a home. You don't need to be a young 20- or 30-year-old to be looking for a mortgage to buy your own home. After decades of renting, you may have decided it's time to settle somewhere more permanent.
Buying an investment property. If you've got spare capital that you'd like to invest, purchasing an investment property could provide ongoing rental income and the potential for capital gains.
Buying a place in a retirement village. You may want to purchase a unit in a seniors village to provide a comfortable retirement. However, you should be aware that many lenders are reluctant to accept homes in over-55 villages as security for a loan, as they are concerned that such properties may be difficult to sell if this ever becomes necessary."