There's always a certain level of risk attached to taking on debt, but the closer you are to retiring and no longer earning a regular income, the greater the amount of risk. Getting into financial strife when you're past the age of 55 can cause all manner of problems at a time when many of us would rather be winding down and looking to relax. If you get in over your head, you could end up having to extend your working life just to get your debt under control. Make sure you have a reliable exit strategy in place to protect against unexpected complications.
It's also important to be very wary if you're buying a home in a seniors village or retirement village. In some cases, when you purchase in these villages you buy a building but not the land it sits on, so the developer owns the appreciating asset (the land) while you own a home that depreciates. And if the developer decides that they want to use the land for something else, you could be forced to move out. Units in these developments can sometimes also be drastically overpriced, so it's essential to seek independent financial advice before committing any funds