Is it a good idea to make an apartment of my basement and rent it?

I am a recent widow on a fixed income. The monthly amount of my pension no longer covers my monthly expenses. I have cut back and cut down to the bone but it is not going to work out. I have a little equity in my home and can get some money from a home equity loan we took out before my husband died. I might have enough to convert an unfinished basement into a small apartment that I hope to rent. I need to charge more for rent than the loan payment or else it makes no sense for me to do this, I need the money. I have never done anything like this before, never been on my own before and I have no one close to talk to anymore. Does this sound like good thinking? Is it a good idea?