Moneywise

Fri, Jun 20, 2025, 2:05 AM5 min read

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Buying a dream retirement home is a fantasy for many people, but the big question is — can it become a reality?

Not all older Americans have enough savings to buy a home outright in retirement, and even those who do might prefer not to lock their money into an illiquid asset. Fortunately, retirees have options beyond traditional mortgages.

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For personalized strategies, hiring a financial advisor can help retirees explore tailored solutions for securing their financial future.

Alternatively, crowdfunding platforms offer opportunities to invest in real estate without large upfront costs, while private equity ventures provide access to diversified investments. If you're living in Florida in your mid-60s and are hoping to invest in property, here's what you need to know.

While you absolutely can take out a mortgage as a retiree, think carefully about whether you should.

In fact, it may be worth consulting with a financial advisor to make this big decision, and for investing strategy.

With Advisor.com, you can find the best advisor for your needs — both in terms of what they can offer your finances, and what they’ll charge to work for you.

Advisor.com is a free service that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust.

You can then set up a free, no obligation consultation to see if they’re the right fit for you.

For retirees hoping to get a mortgage, there's some good news. The Equal Credit Opportunity Act prevents lenders from discriminating based on age, so being 67 won’t affect your chances of getting a loan.

However, your debt-to-income (DTI) ratio and stable income are key factors. Most lenders prefer a DTI below 36%, though some may allow up to 43%. Additionally, your credit score and down payment matter. Also be ready to provide sufficient proof of your income – whether that’s from a combination of Social Security benefits, pension income, and investment income.