A reverse mortgage isn't a sure bet for all retirees, as there are factors that could disqualify you from borrowing. Edgars Sermulis/Getty Images

For many older Americans, their home is more than a place to live. It's also their biggest financial asset . And, for those who need access to more income in retirement, tapping into that wealth can be a smart move, whether they need help covering medical bills, supplementing Social Security or simply want more financial peace of mind while living on a fixed income. That's part of why reverse mortgages , which allow homeowners 62 and older to convert home equity into cash without monthly mortgage payments, have become a popular choice among retirees.

But while reverse mortgages are designed to provide an accessible borrowing opti

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