Because they loved their home - "selling it was the last thing we wanted to do," said Barbara - the couple decided to get a reverse mortgage so that they could modify the first floor to meet Herb's needs. In the spring of 2002 they obtained a reverse mortgage. The couple took an initial draw of $20,000 to fund the home modifications, and the balance in monthly payments for life. "We added an addition onto the back of the home," added Barbara. "We converted our small den into a larger bedroom for Herb and I and then we added a nice sized sun room as well."

Other minor ground floor alterations were made to make it easier for Herb to move through the couple's house. "He gets along pretty well despite the Parkinson's," said Barbara, "but if we hadn't gotten the reverse mortgage we eventually would have had to sell the home and move into another place." Noted Barbara: "We didn't want to move because after you've lived in a place for as long as we have here, you've arranged things a certain way and you become a part of the surroundings. Getting the reverse mortgage was one of the best things we ever did."

Soon after, John and Mary decided their 3-bedroom, 2-bath home near Charleston, S.C., needed an extensive makeover. “The kitchen and bathrooms needed to be repaired,” said Johnston. “My parents didn’t have much discretionary income to make home improvements because they were scraping together just enough money to pay the mortgage. Now that it was paid off, all us kids agreed that the home needed to be taken care of.”

Johnston said her father was reluctant to get a second mortgage to pay for the home repairs. “Heck, Daddy just got done paying off the first mortgage…The last thing he wanted was another monthly loan payment.” Instead, Johnston suggested to her parents that they get a reverse mortgage. “I had read about reverse mortgages,” she said. “I thought it was something that my parents might consider pursuing.”

Her brothers and sisters agreed. “We told our parents ‘you worked hard to pay this home off, now you do whatever it takes to keep it in good shape.’” Johnston said both parents were excited to learn that they could use a reverse mortgage to tap some of the equity from their home without having to take on a new monthly payment. John and Mary met with a reverse mortgage lender to discuss their options. “I accompanied my parents to the mandatory counseling session just to make sure they understood fully what they were getting into,” noted Johnston.

Once the counseling was completed, John and Mary decided once and for all to get a reverse mortgage. The couple took an initial draw of $20,000 to cover the repair costs to their home. With the money left over, John and Mary elected to receive $350 in monthly income to supplement what John receives from the golf pro shop he has worked at for the past 25 years. “My parents are so much happier now that the bathrooms and kitchen look brand new,” said Johnston, “and it really turned Daddy on to know he could get all this money without having a new payment to worry about.”

A few days later, Csonka read an advertisement about reverse mortgages that had been placed in a local senior publication. “I had read about reverse mortgages before, but this time I decided to pursue getting one, so that I could get a new roof,” she said. However, there was one complication. Although Csonka, who’s single, remains the sole occupant of her home, two sisters, four nieces and one nephew also held title to the property. “This used to be my mother’s home,” said Csonka. “When she died, I was allowed to live here but, in exchange, my two (living) sisters, along with my deceased sister’s children, were allowed to remain on the title, so that if the home was eventually sold they would all receive a portion of the sales proceeds.”

But to qualify for a reverse mortgage, only the individual living in the home—in this case, Csonka—could be named on the title. “I had to persuade everyone to sign individual “quit claim” deeds, so that their names could be removed from the title,” she added. “There was some initial resistance but we worked out our differences and reached a settlement.”

Once the matter was resolved, Csonka was free to begin the application process. The home appraised for $95,000. After her fall property taxes and closing costs were paid, Csonka ended up with a lump sum balance of $46,980. The closing took place just two weeks before Thanksgiving Day 2002. “Within a week after closing, I had a new roof and gutters, and the back door, which had also deteriorated, was replaced,” she said.

Csonka took another $1,400 from her reverse mortgage to pay off her creditors. In addition, Csonka agreed to divide the remaining loan proceeds amongst her sisters and other family members as a form of compensation for agreeing to remove their names from the title to the home. “It was the right thing to do,” she noted. Though there were obstacles to overcome, Csonka said she’s much happier now that she has gotten a reverse mortgage. “I have an aunt who’s interested in possibly getting one,” added Csonka. “I hope she does.”