Rosa Boyd, 84, is much happier now that she has paid off her two mortgages and credit card debt with a reverse mortgage.

For the past 24 years, Ms. Boyd has worked as a housekeeper. Her employer obtained information on reverse mortgages because she wanted to help Rosa erase her debts and get some supplemental income.

“I didn’t know anything about reverse mortgages, but she did,” said Ms. Boyd. “When she suggested that I get a reverse mortgage, I trusted her completely. We set up an appointment and I got the loan.”

Ms. Boyd was referred to a lender based locally in New Orleans. Her loan closed in May 2003. Ms. Boyd used the proceeds to pay off two mortgages totaling $10,855 and $15,000 in credit card debt. Her home also had extensive termite damage, so part of the proceeds was set aside to make the necessary repairs.

There was enough money left for a $3,500 line of credit, plus an extra $100 a month in supplemental income for the next 10 years.

Looking back on her experience, Ms. Boyd said she’s happy now that her debts are paid off. “I’m glad I don’t have to make anymore monthly mortgage payments,” she said.