"Am I Too Old to Buy a House?" Here’s Suze Orman's Advice to Homebuyers Over 65

As you sail into your golden years, purchasing a new home might come onto your radar — but it might also give you pause.

Whether you're a first-time buyer finally ready to put down roots or a current homeowner looking for a change, your age shouldn't stop you from purchasing a home, according to finance expert Suze Orman. However, it's essential to consider your financial situation before moving forward with this big commitment.

Read on to learn about what factors to consider when deciding on a homeownership move in the lead-up to or during your retirement.

Although your age isn't a barrier to buying a house, your financial situation might be.

Start by considering your retirement nest egg. If you are concerned that your resources might be lighter, there might be better ideas than adding the financial commitment of a house to the mix.

However, homeownership might be a natural next step for retirees with a comfortable nest egg for their golden years.

Although buying a house with less than 20% down is possible, Orman strongly recommends putting down at least 20% on your home purchase. Additionally, Orman suggests saving up an emergency fund between eight to 12 months of your projected expenses before committing to the purchase.

When combined, these two suggestions involve saving up a lot of cash. If you have the funds, a home purchase may be in the cards. Buying a house might deplete your resources and represent a risk to your long-term financial situation if you don't have such deep cash reserves.

If you are buying a house at an older age, Orman suggests opting for a 15-year fixed-rate mortgage.

"Truthfully, you should be doing a 15-year fixed rate mortgage because you don't still want to have a mortgage at the age of 95," says Orman.

Of course, a 15-year mortgage comes with a higher monthly payment — but buying a house might not be the right move if you can't swing the larger payment.

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It's tempting to believe that the costs associated with your home purchase end with your mortgage. Unfortunately, most homeowners quickly discover that's not the case.

Beyond your mortgage payment, you'll have to handle maintenance costs and emergency repairs.

Here's a look at some of the other expenses to consider:

• Pest control
• Electric bill
• Water bill
• Yard maintenance
• HOA fees
• Home updates
• Ongoing maintenance
• Emergency repairs

For example, homeowners must pay to replace their A/C unit from time to time. Depending on where you live, that could cost up to $12,000, according to Angi.

Keep all of these costs in mind. The best way to prepare is to have a deep emergency fund.

If you are seriously considering buying a house, Orman recommends "playing house" before you purchase an actual home.

Playing house is a financial simulation where you'll commit to 'making a house payment' for six months by transferring the dedicated funds into your savings account.

Beyond the expected mortgage payment, add in potential insurance premiums, property taxes, and maintenance costs to estimate a future housing payment. Orman recommends expecting monthly maintenance costs of at least $200 to $300. From there, subtract your current rent payment.

For example, if you expect to spend $2,500 on monthly house bills and currently pay $1,000 in rent, playing house involves setting aside $1,500 monthly. If you can comfortably support this exercise, you might be ready to buy. But if you feel strapped by the missing cash, it's a sign that buying a house may stretch your finances too far.

It's better to find out that you aren't comfortable with a larger housing payment before you commit to a home purchase. In the worst-case scenario, you'll realize you aren't ready for homeownership, but you've at least managed to build up some extra savings during the exercise.

When making a home purchase at any age, it's important to assess the stability of your income and comfort level with long-term payments.

Of course, later in life, your income situation may look different than that of other house shoppers, but it's still critical to ensure you trust your income to continue for the duration of the home loan.

For some, that could mean continuing to work to bring in funds to cover the mortgage. For others, that could mean enjoying the proceeds from the investment portfolio you've built over a lifetime. In either situation, confirm that you can pay the mortgage for the next decade and a half.

Aging is a natural part of life. As you age, the right home can make your life easier.

Specifically, a low-maintenance home with minimal stairs can set you up for an enjoyable home life, and things like bathroom modifications can add expenses down the line. As you house shop, keep the needs of your future self in mind.

Homeownership is often expensive. Since everyone has different resources, consider how buying a home would impact your other financial goals.

For example, you want to travel during retirement. If your home purchase derails that dream, renting is a better fit for the moment. Weigh out your options and choose what makes the most sense for your situation and retirement plans.

Age doesn't determine whether or not you can purchase a home. Instead, your financial situation matters the most.

If you've already committed to a home purchase and need help managing your finances, explore these ways to help pay your mortgage.