The Old Wayfarer is an explorer from Phantom Hourglass. He originally lived on Molida Island with his wife and son, Romanos, but traveled to the Isle of Gust before finally settling down on Bannan Island. He has dedicated his entire life to finding a mermaid, and is completely obsessed with them.
The Mermaid Sidequest
Jolene's sister, Joanne, has a hobby of dressing up like a mermaid. If Link convinces her to go to the Old Wayfarer's hut and pretend to be a real mermaid, the Old Wayfarer will in turn give Link a Fishing Rod in reward for helping him "find" his life's goal. If Link later goes out and catches a Loovar fish, he will reward him with a Big Catch Lure, allowing him to catch bigger fish.