Being a first-time homebuyer can be a scary process, that's for sure. It's okay to have fears, but often times, if you break down your fears, they can each be addressed in a way that may take much of that fear away.
Sometimes, the 'unknown' is what is most scary, so shedding light on all of that can be a good first step.
If you have a financial planner, now is the time to sit down with him or her and review your portfolio. Weigh the pros and cons based on your life-goals.
If you decide to move forward, or even if you just want to talk to a real estate professional, I would recommend you speak with a Realtor who has a Senior Real Estate Specialist (SRES) designation. These professionals specialize and our well-versed in senior issues and the needs of homebuyers over 55. Maybe just a conversation alone with an experienced SRES-designated Realtor may help you towards the right decision.
Best of luck in making your decision!