Final answer:
A Reverse Mortgage does not require credit or income documentation and does not need to be repaid as long as the homeowner lives in the home.
Step-by-step explanation:
The loan program that does not require credit or income documentation and does not require repayment as long as the owner lives in the home is a Reverse Mortgage. Unlike HELOCs Subprime Mortgages, and Option-ARMs reverse mortgages are designed to allow homeowners, typically seniors, to convert part of the equity in their homes into cash without having to sell their home or pay additional monthly bills. These loans are called reverse mortgages because the payment stream is reversed compared to a traditional mortgage. The lender makes payments to the borrower, rather than monthly repayments by the borrower to the lender.