Reverse Mortgage

A Living Legacy: How One New Port Richey Couple Used a Reverse Mortgage to Gift Their Grandchildren $25,000 each for Christmas. For many retirees, the question isn’t just how to make their savings last — it’s how to use their financial resources meaningfully. That’s exactly what Harold and Linda T of New Port Richey, Florida, asked themselves one morning over coffee. With the holidays approaching, the couple, both in their early 70s, came to a heartwarming decision: they wanted to give each of their five grandchildren a $25,000 gift for Christmas.

“We don’t want to wait until we’re gone to make a difference in their lives,” Harold explained. “We want to see the joy it brings now.”

Like many retirees, Harold and Linda had most of their wealth tied up in their home. Their charming three-bedroom house in New Port Richey was owned free and clear — no mortgage, no liens, no payments. It had appreciated significantly over the years, and the equity represented their biggest asset. But they weren’t interested in selling, downsizing, or taking on new monthly payments.

That’s when they reached out to Debbie Cooley Mortgage to explore an option they’d heard about but never fully considered: a reverse mortgage.

A Reverse Mortgage That Gives — Not Takes

Reverse mortgages, officially known as Home Equity Conversion Mortgages (HECMs), are designed for homeowners 62 and older who want to convert part of their home equity into tax-free cash, without selling the home or taking on monthly mortgage payments. Instead, the loan is repaid when the homeowner moves out of the home or passes away.

“We were amazed to learn we could access this equity without taking on a new financial burden,” Linda said. “We’d always thought reverse mortgages were only for people in trouble, but that’s not true at all.”

In fact, Harold and Linda learned they could tap into over $200,000 of their home’s value and still stay comfortably in their house. Working with Debbie Cooley, they tailored the reverse mortgage to their needs, drawing just enough to give each grandchild a generous $25,000 gift.

Spreading Joy Across the Country

Their five grandchildren, ranging in age from 17 to 30, live all over the country — from Seattle to Miami. Each received a heartfelt note and a certified check just in time for Christmas.

For some, the gift helped pay off student loans. Others used it toward buying their first home, investing in a new business, or building a nest egg. “It’s a gift that will ripple through generations,” said one grandchild.

But perhaps the most touching part? Harold and Linda were there to witness it all.

“Knowing we could help now—not later-made — made all the difference,” Harold said. “We’re giving them a hand up, not a handout. And we did it without draining our retirement savings or changing our lifestyle.”

Creating a Legacy with Confidence

Debbie Cooley, who guided the Thompsons through the reverse mortgage process, sees stories like this more often than people realize.

“Reverse mortgages are not a last resort — they’re a smart financial planning tool,” Cooley explained. “They allow older homeowners to unlock the value of their homes and use that wealth in meaningful, personal ways. For the Thompsons, it was about giving joy and security to the next generation — and doing so while still living comfortably in the home they love.”

The Bottom Line

Harold and Linda’s story is a beautiful reminder that legacy isn’t just about what you leave behind — it’s also about what you give now. With a reverse mortgage, homeowners can access the equity in their homes to improve their retirement, or help the people they care most about.

If you’re curious about how a reverse mortgage might help you create a “living legacy” of your own, reach out to Debbie Cooley Mortgage for personalized guidance.