The recession hit at a bad time for people getting ready to retire. Not only did their retirement investments take a major hit, their homes also lost significant value.

Many retirees are looking at reverse mortgages as one way to make up the difference, but are reverse mortgages a good idea? It all depends, financial experts say.

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash while you continue to live in it. The equity that built up over years of home mortgage payments can be paid to you in a lump sum, or in payments.