Buying a Home: How Old is Too Old to Buy a Home?

We have looked at some of the considerations of aging in place, a concept that many seniors desire. We have considered the way you should buy a home with this in mind, even if you hadn’t thought about it before. Buying a home has no age restrictions; just age considerations. So how old is too old to buy a home?

According to the Equal Credit Opportunity Act, there is no age limit. And yet, buying a home once you are in retirement has its own unique set of considerations.

Buying a Home in Retirement

You can buy a home in retirement but the financial circumstances will different. While you were working, you had a steady and accountable income. You may still have a comfortable income in retirement, but will it be enough to buy a house?

More than just meeting the lender’s requirements, the decision on the length of the mortgage (30 year agreements come with lower monthly mortgage payments while a 15-year mortgage will be paid off sooner) is important. If you are married, you need to consider the financial burden you might leave your spouse should you pass and whether your children have the wherewithal to manage the property with and/or for the survivor.

What to Buy?

“Think like an old person,” someone once suggested and believe it or not, this is very sage advice. Too often, older people don’t. Older folks require a special set of requirements that should also be considered for those approaching retirement. I’m not necessarily speaking about homes with ramps and fixtures that resemble a well-planned assisted living home. But in retirement, some considerations are worth noting.

Houses need to be safe, preferably on one level. Even a small set of steps can create some age-related restrictions. Homes purchased in retirement also need to be close to services and be located in a vibrant community. I mention this because this is not necessarily what you will be looking for when you come to my office. For many of my clients, retirement means getting away from the rat race and one way to do that is to move into a new development or to a more rural setting. Central Oregon has numerous opportunities and I have many homes that will fit that request. I also have homes located close to what you need. According to Transportation for America, twenty percent of seniors do not drive and as people age that number increases. Even those that do drive may not be able to drive at all hours.

That Said

If any of these concerns are part of your home search, mention them to me when we meet. Too often people get bogged down in square footage needs or school districts or even bucket list dreams without considering the length of time they may actually spend in the house. It can be forgiven though. I hope that you “think like an old person” and at the same time, “stay forever young.” If you do, I’ve got exactly what you are looking for!

How can we assist you today?


On behalf of The Jones Group @ Sunriver Realty

Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate

Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR

The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707

Mobile: 541-420- 3725 | Mobile: 541-420- 4018 | Fax: 541-593- 5123



Licensed in Oregon