A reverse mortgage could be a smart borrowing option to consider right now, but it won't be the right one for every senior. Getty Images/iStockphoto

As we head into the fall, many seniors are reflecting on how to ensure their financial well-being over the long term. After all, with the economy in a state of flux and living costs climbing due to sticky inflation , many retirees are facing hardships they weren't necessarily expecting, leading them to look for ways to add more to their retirement budgets . That isn't always easy to do, though.

Retirement tools, like annuities , which provide guaranteed income for life, can be a smart route to take, but they require seniors to have a lump sum of money on hand to purchase one. And, not all seniors have access to those types

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