Renting vs owning
Is it wiser to rent than to purchase in retirement? Even if the mortgage would be the same amount as rent. Can I even get a home loan at 65yrs old?
You really need to see a financial planner. Most will do a free consultation with you before you ever agree to become a client.
Ask your question there... they'll know your income, your retirement savings and can help you towards a wise decision you won't regret later.
You could also ask your bank, get pre-qualified if you want to simply know if you can get the mortgage. Then that question is answered and you simply need to choose whether its right for YOU!
My own parents just paid off their mortgage in their mid-80s (from savings)... they could have paid it off long ago, but there must have been a financial incentive (tax write off). They do have a financial planner.
Lots of this depends on your lifestyle, your personality, doesn't it? It's really a very personal decision.
Consider yard work vs. none, travel vs. home security, entertaining, and more. Are you a stay at home person or an on the go person? Savings vs. home equity?
Hopefully some retirees will chime in below on how they made the decision!!
Wendy's other site... because Aging Matters!