In recent years, the use of interactive game technology has gained much interest in the research community as a means to measure indicators associated with the risk of falling in the elderly. Input devices used for gaming offer an inexpensive but yet reliable alternative to the costly apparatuses used in clinics and medical centers. In this paper, we explore the feasibility of using virtual reality technology as a tool to assess the risk of falling in the senior community in a more immersive, intuitive and descriptive manner. Our VR-based tool captures stepping performance parameters in order to fulfill the requirements of a well-established clinical test for fall risk assessment. The use of virtual reality allows for an immersive experience where elderly users can fully concentrate on the motor and cognitive functions being assessed rather than the technology being used.