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I am 80 years old in need of a loan. I wish to use my house as a collateral, but don't know how to go about it. I live in Texas, United States. How long does it take to get a low interest loan? And what are the key points to look out for?

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A key factor here: Part of the process is looking at your income. At 80 your income is probably fixed and simply meeting your expenses. If you're in the position of needing a loan why would they think you would be in a position to repay the loan?

I strongly suspect you would be better served by a reverse mortgage in some form. You don't repay it ever, it comes out of the value of your house when you die.

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