If you're considering buying a house at 65 years old, you’re far from alone — thousands of Americans purchase homes in their mid-60s and beyond. Age itself isn’t a barrier, but your finances, lifestyle goals, and health should guide your decision. We’ll walk through the pros and cons, how buying compares to renting in retirement, special considerations like condos, financing options for older buyers, and tips for working with an agent.
Working with an experienced realtor who knows the local market and can help you find the right house for your goals will be key for your home purchase. You can start comparing top local agents here.
Is 65 years old too old to buy a house?
If you're 65, you're not too old to buy a house — provided you have the finances to make a down payment, cover your monthly mortgage payments, and keep up with expenses like maintenance and property taxes.
In fact, the Equal Credit Opportunity Act forbids mortgage lenders from discriminating based on age.[1] And 20% of all home buyers in 2024 were at least 70 years old.[2] Some loans even have minimum age requirements for buyers receiving retirement benefits (e.g., Social Security). For example, reverse mortgages are exclusive to people aged 62 or older.
That said, you’ll want to be realistic about your financial and lifestyle situation:
- Will you have enough retirement income or assets to comfortably cover mortgage payments, taxes, and maintenance?
- Are you likely to stay in the home long enough for it to appreciate in value?
- Will ongoing upkeep fit with your health and mobility needs over time?
We recommend consulting a local buyer’s agent and possibly a financial advisor before buying a house at 65 or older. A financial advisor can help you determine whether you're in a good position to buy a home, and a qualified agent can identify properties that have the best chance of appreciating in value over a short time period.
Clever matches you with top agents in your area and helps you find the perfect fit. Qualifying buyers can also get cash back after closing.
Is it better to buy or rent in retirement?
The decision to rent or buy in retirement ultimately comes down to your financial situation and lifestyle. Here are some pros and cons to consider.
| Buying | Renting |
|---|---|
| ✅ Build equity | ❌ No opportunity to build equity |
| ✅ No unexpected rent increases | ❌ Possible annual rent increases |
| ✅ Freedom to renovate or change home | ❌ Limited ability to modify space |
| ❌ Homeownership expenses like property taxes, homeowners insurance, and repairs | ✅ No maintenance or additional property costs |
| ❌ Less flexible if you need to move | ✅ Easier relocation |
| ❌ May not own long enough for major appreciation | ✅ No market value concers |
With a house, you’ll have mortgage payments and maintenance costs, meaning you’ll have less disposable income to live off of. Renting will limit your costs but prevent you from building equity in a home as you age.
You'll also want to consider stability versus flexibility. Buying a house in retirement means you don't have to worry about rent increases and can customize your space. But buying also means you're responsible for unexpected repair costs and can't relocate as easily.
Ryan Carrigan, CEO and Co-Founder of moveBuddha, has assisted many senior clients with relocation. He advises:
"A retiree should purchase their own home (as opposed to renting) if they are in stable financial standing and able to sufficiently care for the property itself. Renting is unpredictable because rents are subject to fluxation and the asset-value of owning a home is a better financial investment option.
"If someone does not have portfolio concerns and knows they are not in a position either financially or physically able to upkeep a home, then renting may be a more suitable choice."
If you're not sure which option is right for you, we recommend consulting a financial advisor to see whether buying or renting aligns best with your personal finances and goals.
Should seniors rent or buy a condo?
Pros
- No exterior maintenance or landscaping
- Smaller space to maintain
- Security features, ideal for travelers
Cons
- Monthly condo fees on top of mortgage
- Limited control over building decisions
- Can be harder to resell i some markets
Condos are a unique option for seniors to consider, since they can either be purchased like a home or rented from the condo owner.
However, condos often have additional fees that can cost $50–1,000 per month ($300–400 on average).[3] These fees cover the condo association’s ongoing costs to maintain the property. When you’re living on a fixed retirement income, extra fees like this could really hurt your budget.
Of course, owning a condo also has some unique advantages, like no exterior maintenance or lawn care.
Purchasing a condo may be a good option if you have the financial means, just make sure you include the condo fees in your calculations.
If you aren’t ready to buy a condo, you might be able to rent one. Renting a condo is similar to renting an apartment. The biggest difference is that you’re renting from the condo owner, not a property management company.
The owner generally pays the condo fees and mortgage themselves and charges tenants monthly rental fees. However, because owners have to cover these costs, they might charge their tenants more for occupying the unit.
Financing a home in retirement
Consider your loan options
There's no maximum age for applying for a mortgage, but qualifying can be trickier if your income has shifted from a salary to retirement benefits. Here are common loan types for buyers 65 and older:
Conventional mortgage
A conventional mortgage is still an option, even if you're retired.
- Best for strong credit, low debt, and stable income from pensions, Social Security, or retirement assets
- Fannie Mae and Freddie Mac allow eligible retirement assets to count toward qualification
Reverse mortgage
A reverse mortgage, or home equity conversion mortgage (HECM), is available through the Federal Housing Administration. It allows current homeowners to turn some of their home equity into tax-free cash to cover living expenses or medical bills — without having to sell the house.
- For buyers 62+ who want to use home equity to supplement income
- Can also be used to purchase a new primary residence without monthly payments
To qualify for a reverse mortgage, you must be 62 or older, be a homeowner currently residing in your house, and have paid off most or all of your mortgage.
FHA loan
FHA loans are provided through the Federal Housing Administration.
- Lower credit score minimums (500–580)
- 3.5–10% down payment required
- Includes mortgage insurance premiums
You'll still need proof of income from things like pensions or retirement accounts and a max debt-to-income ratio of 43%. One downside is that you'll have to pay up-front and annual mortgage insurance premiums (MIP).
VA loan
VA loans are available for veterans and their spouses.
- For veterans, service members, and some spouses
- No down payment required, flexible credit requirements, low rates
You'll need to get a Certificate of Eligibility (COE) to qualify. Your income can come from pensions, Social Security, and other retirement sources. If you ever struggle to make a payment, VA loans offer special programs to help you.
Find the right lender
You can save on your financing by finding competitive mortgage rates in advance. Don't get pressured into taking the first mortgage offer you receive — shop around until you find a lender you're comfortable with who's offering you a great deal.
One of the best ways to find a great mortgage lender is to ask your real estate agent for recommendations. Experienced realtors know which local companies offer the best rates, service, and overall value.
Get pre-approved for a mortgage
When you apply for mortgage pre-approval, lenders thoroughly evaluate your finances, including these areas.
Income
When you're retired, your income sources may include pensions, Social Security, investment income, retirement account withdrawals (from 401(k)s, IRAs etc.), annuities, rental property income, and disability income. Lenders typically want at least two consecutive years of tax returns for proof of income. Retirement assets don’t qualify if they’re currently your only source of income.
Assets
Lenders may look at your savings, investments, and retirement accounts to ensure you have enough money for a down payment, closing costs, and reserves.
Credit score
It’s important to maintain your credit score after you retire if you want a mortgage. Many lenders will deny your request if you have bad or no credit, so keep making steady payments. A higher score makes you more likely to get approved and get better interest rates.
Debt-to-income (DTI) ratio
Keep your debt-to-income (DTI) ratio low. This lets lenders know you can manage monthly mortgage payments along with existing debts.
You’ll have an advantage if you consult a financial advisor and a buyer’s agent who know the lending procedures in your local market before you apply for financing.
Buying a house at 65 with an agent
Once you decide to buy, your next step is finding an experienced real estate agent.
Your agent can help you find a house that:
- Has great potential for appreciation
- Needs little to no repairs and minimal ongoing maintenance
- Suited for aging in place
- Locations near healthcare, family, or amenities
If you're looking for a realtor, Clever can help you find the best agents from top local brokerages. Start comparing top agents.
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You can compare and interview agents for free — with no strings attached.
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FAQ about buying a house at 65
What is the average age to buy a house?
The median age of a first-time home buyer is 38, and the median age for a repeat buyer is 61.[4] However, 20% of all home buyers are 70 years old or older.[2]
What age should you buy a retirement home?
The earlier you purchase a home for your retirement, the more you can take advantage of home equity. This is especially true if you need to take out a mortgage to finance your purchase. We recommend consulting with a financial advisor and a top buyer's agent to decide if purchasing a home is the right fit for your retirement goals. Learn how to find the right real estate agent.
Is it smart to buy a house after retirement?
Buying a house after retirement can be a good decision if you're financially stable and it suits your lifestyle. But it's likely not the right choice if the ongoing costs will strain your budget and if too much of your net worth will be in the property. Before buying a home, make sure you have enough liquid assets for living expenses and emergencies, and consult a financial advisor to confirm it fits your retirement strategy.
How much of net worth should be in a house at age 65?
A common recommendation is to have 25–40% or less of your net worth in your house. By the time you retire, it's best to have diversified investments instead of having most of your net worth in one home. However, the right investment diversification depends on your finances and goals. Talk to a financial advisor for personalized advice.
Can a 65-year-old get a 30-year mortgage?
Yes. Basing mortgage approval on age is illegal under US federal law. Plus, you may still be working and have retirement vehicles that count toward your debt-to-income ratio, which can give you some leverage when applying for a mortgage at 65. Make sure you have documentable and stable income and assets to satisfy the credit requirements for the loan program you're applying for. Learn more about financing a home in retirement.
Can a 70- or 80-year-old get a 30-year mortgage?
Yes. Legally, banks are only allowed to offer loans based on financial qualifications. Also, you can use your retirement assets for the loan you want, which gives you an added opportunity to qualify. But if you're on a fixed income such as social security, with cost-of-living increases, it may not make sense to get a 30-year mortgage. Consult a financial advisor and a buyer’s agent to determine your best path forward.
