Borrow to extend in late 50s or live with what we have? Advice appreciated

Outofpocket1

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We bought a 1960s house a couple of years ago that has needed extensive modernisation. We’ve comes long way with it but want to make it better than just liveable by re modelling. Quotes have come in at €90 but kitchen and insulation will be on top and might push it to €120k. This would take all our savings and we would need to borrow 60k. We’re both civil servants in late 50s, one with a good pension and one without. Given our age and financial status are we mad to borrow and should we just put up with the house with minor cosmetic improvements?
 
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