Wally

Wally Matsuura's Los Angeles-area Craftsman Home - a historically significant house distinguished by redwood construction and unusually spacious rooms - has quietly witnessed some fascinating historical events since it was built in 1905 for a mere $2,700. At that time, says the 28-year Los Angeles Police Department veteran, streets weren't paved and there wasn't a true garage, but what was called an "auto shed" which could accommodate the narrow width of the relatively few cars found in turn-of-the-century Southern California.

Wally's parents bought the house in 1938 for $7,500, but then almost lost it during WWII. His father was second-generation Japanese, his mother Japanese and German; along with 10-year-old Wally and his grandfather, they were sent to an internment camp for several years and had one heck of a time meeting house payments. "If it wasn't for my maternal German grandparents, who lived in the house while we were interned, we would have lost it for sure," said Wally, who's now 67. Just in time, after his father joined the Army and became an interpreter, they were freed to come home.

Today, Wally's activities have linked the residence, which he inherited and loves dearly, to distant Australia. He related that in 1992, six years after he retired, an old LAPD buddy visiting in Australia suggested to some U.S.-bound Aussie police officers that they contact Wally about temporary housing while in the Los Angeles area. They did, and everyone enjoyed the experience so much that the home is now a regular resting place for a steady stream of Aussie cops!

But all homes age and Wally realized, in 1997, that to both make it more functional and preserve its beauty and value, he'd have to make some improvements. That's when he arranged to get a HECM reverse mortgage, created by FHA/HUD. He used it to convert the "auto shed" to a true garage and, soon, will also fund a new roof. Additionally, his neighbors all came over and helped him re-paint the entire exterior!

"I'm delighted with my reverse mortgage," said Wally. "It's helped me fix up the home that I love and keep it as somewhere that's good for me and my visiting friends."