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Reverse mortgages, or home equity conversion mortgages, are touted as a way for homeowners live longer and more affordably in their homes.

And while most seniors do so out of necessity, a reverse mortgage can also be part of an investment strategy or insurance policy that extends retirement savings, provides income tax-free and keeps you in the home, experts say.

It can be a great fit if you don't want to pass on your home to heirs.

"A reverse mortgage can act as a personal hedge fund," says Greg Cook, vice president of Reverse Lending Experts, an advisory firm in California. "A reverse mortgage when used with discretion can actually help maintain other investments ... when paying for those unforeseen expenses that happen in everyone's life."

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