In the midst of what you may consider a “scary” and “uncertain time” as a homeowner, you may well be financially positioned a little better than you think.

For homeowners with equity in their homes, the Home Equity Conversion Mortgage — sometimes known as a reverse mortgage — may provide an answer to those concerned about cash flow or future living arrangements. Last year, nearly 80,000 Americans took advantage of reverse mortgages. While that number dropped substantially — as home values and equity dropped — it still provided a valuable tool to seniors who desire to continue to live in their homes but need financial assistance to do so.

My mother moved in with me in March 2005. Four years before, when I purchased my 1,600 square foot, single-story home, I did so with the thought that perhaps my mom would be joining me there at some time in the future. As an only child, it seemed inevitable that we would be “roomies” at some point.

So, when the doctor said, “I will release her from the hospital only if she comes to your house or goes to assisted living,” I thought I was prepared. My house had a nice-sized study with double doors in the front of the house that would make a great, sunny bedroom I thought. While it didn’t have a closet, I had two virtually empty closets in the bedrooms previously occupied by my daughters. And she could have her own bathroom. This would be great!

Well, it wasn’t perfect.