Make sure to avoid missteps when taking out a reverse mortgage so you don't end up with costly regrets. Andrii Yalanskyi/Getty Images

For older homeowners, a reverse mortgage can sound like a perfect solution. After all, this borrowing tool allows you to turn home equity into cash without having to sell your property or factor monthly loan payments into your retirement finances. And, with home values still elevated right now, and many retirees feeling the squeeze from higher everyday costs due to inflation , the appeal is obvious. The money from a reverse mortgage can cover essentials, fund medical care or simply offer breathing room in a tight budget.

But while reverse mortgages can provide relief to the right retirees, they're not a one-size-fits-all solution. These u

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