A single-purpose reverse mortgage offers targeted help to cash-strapped seniors, often at a fraction of the cost. Getty Images/iStockphoto

For many older homeowners, years of steady mortgage payments and climbing home values have resulted in a significant amount of home equity . Right now, for example, the average homeowner has well over $300,000 worth of home equity to tap into, and many senior homeowners have even more equity available to them. But while tapping your home equity can be an affordable way to borrow money in today's high-rate environment, that high amount of home equity doesn't always translate into easy access to cash for retirees living on fixed incomes.

When there's no room in the budget for monthly loan payments, home equity borrowing options can be

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