Olive Specter starts out as an elder in the game, but if Freetime is installed and you have a special "wish for youth" mod from modthesims.info, you can give her a second chance at life and possibly having a family. Play her lot for awhile, and maybe send Ophelia to College to avoid the hassle of angry Family ghosts. If you have Nightlife, or any other expansion pack with the inventory feature, put the gravestones into Olive's inventory and send her to a community lot. Place the graves there and you won't have to deal with angry ghosts ever again - on a public lot, most of the anger triggers are gone(unless the ghosts died from starvation). Olive can visit that graveyard any time to scratch her 'see ghost' itch.
Play her lot and maybe send her on some dates(if you have Nightlife), or if Freetime is installed, give her all the Knowledge perks, and have her summon aliens. Pretty soon, they will abduct her, and she will start rolling wants to meet them again and again. Collect those aspiration points, as each abduction brings her 8,000 points closer to getting an Elixir of Life reward. Have her drink from it, and extend her life, repeating as needed while saving some points for an energizer(elders' needs decay more quickly than those of adults), and have her build enthusiasm in a hobby, like science for instance, until she gets to be in the zone. If you have the lotdebugger, upgrade her pre-Freetime(but not Pre-Uni... there's a reason). Once the Gypsy delivers the lamp, save the game, then rub the lamp and wish for youth. If Olive dies instead, quit without saving. Re-enter the lot and try again. I've never lost a sim to wish-failure, but it pays to take precautions. It's a good idea to move someone onto that lot in case you don't have any way of banking online.
After Olive becomes a teen, her grade will be set at F due to some really weird coding, and her school tab won't have the proper icon. If you have Inteenimater installed, have Olive spawn her biological clock. It's a good idea to have Inge's school changer and the college adjuster, so you can change her grade to C and switch her to private school, then possibly to public school later on. You may have to send her to a few community lots, and maybe exit her lot and re-enter it. Whatever you do, it will take awhile for her school tab to show up properly, as the youth mod is not perfect.
Olive will no longer be retired, and will start rolling teen-related wants, such as buying a cellphone or other electronic gadget. She will be able to get the orphaned sims assistance fund, as well as the Extraterrestrial Reparations grant, if you had her get abducted. She may also get some other scholarships if her skills are high enough, and if she gets high grades, Olive will get the Scholar's Grant.
Olive's character data is a little messed-up, which is the case for several other Strangetown sims, including Vidcund Curious, General Buzz Grunt, Tank and Ripp Grunt, and Jenny and P.T.#9 Smith. If you have Inteenimater, this can make the game think they are teens. To fix this, spawn their biological clocks and then put them away. For P.T.#9, you will have to age him down to adult, as I did in my Naughty Nerds hood. If you don't, and one of them gets pregnant, the game will start treating them as teens, and they will start talking like teens after giving birth.
Anyway, I have given other elders youth in different neighbourhoods. I've done it for the Goodies, as well as for a former Head Good Witch. All have been successful. I'm planning on doing the same in this one for all the playable, and perhaps even the townie/NPC elders. I want them to spread their genes and have a chance at College and the Hawaii death.