This past winter, Paul and Irene Alexander, age 69 and 66 respectively, vacationed in sunny Florida for three months to escape the harsh weather in New Hampshire. Mr. Alexander admits that he and his wife never would have been able to afford such a relaxing trip had it not been for the reverse mortgage they obtained in May 2003.

"We had the grandest time of our lives this past winter," said Mr. Alexander. "We stayed in Bradenton for 30 days and liked it so much we extended our vacation to three months. We met so many nice people who are now our friends."

Mr. Alexander retired six years ago on a very modest pension. His wife continued working full-time until her job was eliminated and she went into a "job search" mode.

"We had enough money to live on, but not enough money for the luxuries you'd like to have when you finally retire," said Mr. Alexander.

At about the same time his wife became unemployed, Mr. Alexander heard a commercial describing the reverse mortgage program on the couple's favorite radio station.

"I first heard about reverse mortgages back when they first came out (in 1990) and I always thought you had to own your home completely and not have a mortgage. I was still operating under that false assumption when I heard the radio ad, but I took a chance and contacted the lender anyway," he added.

Mr. Alexander was "shocked" that he and his wife could qualify for a reverse mortgage, even though they had a sizable first mortgage, and that once they got a reverse mortgage "I wouldn't have to pay monthly principal and interest for the rest of my life."

After researching the program a little further, the couple applied for a reverse mortgage. The Alexanders paid off an existing mortgage of $135,791 and the balance of $13,662 went to them as a line of credit.

Paying off the existing mortgage freed up about $816 a month, which allowed the Alexanders to start saving money for the vacation earlier this year.

"I have two sons who are very well-off, so they don't need our money, and I have a third son who isn't as well off but he doesn't have any kids to take care of, so my wife and I don't have anybody who's dependent on us," said Mr. Alexander.

The couple enjoyed their Florida vacation so much, that they're planning to spend four months in Bradenton this upcoming winter.

"That may sound unimportant to some people, but for someone who has worked since he was eight years old, who went to college at night to get an education, and raised three sons, it's pretty meaningful to say 'let's pack the car and head south,'" he noted.

Instead of working part-time jobs to supplement their retirement income, "we both do volunteer work with elderly and disabled people who need special care," said Mr. Alexander.

The reverse mortgage, he added, has really "expanded our horizons not only from a comfort basis, but from a contribution basis in that we're able to volunteer our time to help people who need it most and continue the type of work we enjoyed when we were younger. You can bet we'll recommend the reverse mortgage to some of the people we meet."