Reverse mortgages can be a useful tool for seniors, but there are a few things experts say you should know now. Getty Images

While inflation is down from a year ago, it has recently started to creep back upward again. When you throw in high interest rates and declining wage growth, many Americans are feeling the financial burn. Fortunately, older homeowners may have a lifeline via a reverse mortgage .

These unique tools turn home equity into cash without adding a monthly payment to the mix, and you can get your funds via a lump sum, credit line, monthly payments or a mix of the options.

Still, they're not the right move for every homeowner. Not only do you need to be 62 and older (although you may sometimes qualify as early as age 55 , depending on your lender ), but

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