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Some research has indicated exercisers over 60 can make gains by working out with weights only once a week. However, it may be difficult for either the body or the mind to learn the exercises with such a regimen. You may be able to maintain your fitness on one workout a week for a while, but it's better to work out two or three times a week to improve your fitness.
Exercise comes in many forms such as aerobic, strength training, stretching,etc. and once a week won't get it done. It should be more like once a week take a day of rest and the other days mix aerobics with strength training on alternate days for better overall results.
Thanks for the information.