I Bought My First Home in Retirement: How I Did It — And You Can, Too

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After 42 years of writing rent checks, Andrea N. finally decided enough was enough. At 68, she took the leap into homeownership — something plenty of people told her was impossible in retirement.

GOBankingRates spoke with Andrea about how she achieved her homebuying dreams in retirement. Also consider these alternatives to buying a house in your golden years.

Breaking the “Too Old To Buy” Myth

“My own kids thought I was nuts,” Andrea said. “But I was tired of paying my landlord’s mortgage instead of building equity for myself.”

The first hurdle? Finding a lender who understood that retirement income could actually qualify for a mortgage.

Making the Numbers Work

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The approval process wasn’t exactly a walk in the park. Andrea had to prove her Social Security, pension and IRA distributions would cover the mortgage payments — with enough left over for living expenses.

“They dug through three years of statements,” she said. “I’ve had easier times getting through airport security.”

Smart Moves for Older Buyers

After getting pre-approved, Andrea zeroed in on what she calls “old lady-friendly” features.

“No offense, but I’m not looking to climb stairs in 10 years,” she pointed out.

Her must-have list? Single level, no steps to the front door, and a shower she could roll into if needed.

Getting Creative with Cash

The down payment came together through a mix of savings and family help.

“My daughter pitched in — call it an early inheritance,” Andrea remarked. “The lender just needed proof it wasn’t a loan, which meant more paperwork, naturally.”

The 15-Year Factor

Going with a 15-year mortgage instead of 30 years made approval easier.

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“Monthly payments are higher, but I’ll own it outright by 83,” she noted. “Plus, lenders get squirrelly about longer terms when you’re retired.”

Life as a First-Time Owner

One year in, Andrea’s only regret is not buying sooner.

“Sure, I miss calling the super when stuff breaks,” she admitted. “But having my own garden? Worth every penny I spend at Home Depot.”

Her advice for other retirees eyeing homeownership is simple: “Get your paperwork organized before you even start looking. And find a lender who’s done this before — you don’t want to be their first retired borrower.”

“Everyone says renting is simpler,” she added. “Maybe. But watching my grandkids play in my own backyard? You can’t put a price on that.”

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