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Buying a home in your 60’s

Core Facts

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Thursday, January 19, 2023

Even if you are in your sixties and retirement is just around the corner, it’s not too late to buy a house. There are many reasons for buying a property and having peace of mind in retirement is high on that list. However, there are several things to consider before buying a property:

Buy or Rent 

When you’re in your 60s, start thinking about what you want to spend your money on. Whether you buy or rent is entirely up to you and it depends on what your needs are. If you own a house, you will have all the associated payments and maintenance costs, and mortgage payments. Renting could be an option. While it limits your risk, renting also stops you from possibly building any equity in your home as you age. Also, remember that your rent may go up. As inflation increases so will rental and other bills. Getting advice from Investment Counselor would be a good idea so that you can plan accordingly.

Cash Flow 

When you’re close to or at retirement age, you’ll be reaching a point where you will have a limited or fixed income. You won’t be able to work as hard or as fast as you used to and this could put some stress and pressure on your finances. Make sure you’ve done all your research before buying a property.

Property Value

“If you are throwing a considerable chunk of money at a house, look at the housing market beforehand.” says David Beckerman Senior Vice President of David Lerner Associates, “If the house that you buy doesn’t appreciate in value, or even worse, drops in value, you could find that you have lost money.”


Because you are in your 60s, it could be more challenging to get a mortgage because of the period associated with the loan. Thanks to the Equal Credit Opportunity Act, there is no age limit to taking out a mortgage. As long as you can prove you can repay the loan, it is possible to access the money to purchase a home. If you are over 60 or retired, show proof of a steady income. This can include social security or retirement annuities you may have. Depending on your credit score, you may have to put up a large deposit or have more disposable income or assets for you to purchase a home.

If you decide to buy a home in your 60s, then make sure that you have all of your financials in good order and not overstretching yourself. However, if you get it right, you could enjoy many years in a wonderful home.


Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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