A Reverse Mortgage is probably a very good choice to consider in this case.
Some Banks will make Home Equity Loans without consideration of income, but credit is certainly important.
All payments from a Bank Loan or Home Equity Line would have to be made from the Line of Credit itself, and so there would be a point in time where the money in the Line was exhausted and there were no more funds to make the payments.
Key to a Reverse Mortgage is whether the home meets HUD/FHA standards. The home has to be in "reasonable condition", and funds for necessary repairs can be escrowed.
The question is whether the home is a "tear down" just because of the neighborhood, where a newer an larger home would likely be built in the future, or whether it is a "tear down" because of poor condition.
There are some limits as to what the value of the land can be with respect to the total, and also some limits on the quantity of land. Both depend largely on what is normal for that particular area.