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Welcome, I'm Chris (aka Moose) I'm an independent contractor here at Just Answer.
Step one is to remove the RR wheel and heck the brakes and the hub bearing. One of these is likely bad causing both the warning light and the grinding issue. Let me know once you have inspected this, then let me know what you find so I can tell you how to address it.
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Heck is Check. There is no need to disable the ABS to drive the vehicle, if the light is on, it is already disabled because there is a fault in the system. Your looking at the brake components for wear that is not normal and a wheel that is loose while off the ground indicating a bearing failure.
It depends on what you call alot. A bearing repair is over 200$