If you're thinking about a reverse mortgage soon, understanding the different borrowing options is key. Getty Images/iStockphoto

After years of high borrowing costs, many older homeowners are considering the idea of tapping into their home equity to borrow money right now. And, while there are a number of affordable ways to do this in today's rate landscape, reverse mortgages , which let eligible homeowners 62 and older convert part of their home equity into cash, can be a smart option to consider when you're on a fixed budget, as these loans don't come with the same monthly loan payment obligations as you'd get with a home equity loan or home equity line of credit (HELOC).

For retirees living on limited savings and investments or seniors dealing with rising medical and

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