The past two winters had taken a terrible toll on Elsie Csonka’s 75-year-old, two-bedroom, ranch-style home. “The roof was in dire need of repair and the gutters were all beat up,” said the 70-year-old native of Griffith, Indiana.

This past summer, Csonka applied for a home improvement loan from her local bank, so she could pay a contractor to make the necessary repairs, only to be turned away because of a recent bankruptcy filing.

“The bank wouldn’t lend me the money because I had filed for bankruptcy,” added Csonka. “I was in a real bind because I needed a new roof but I had no way to pay for it.”

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.”