The cord retracts just fine and I mean right out of the wall outlet! Can a neophyte like me remove the top housing and fix a problem like this without getting into too much trouble? Thanks
I have a Celebrity IV Elite and think I know your problem. There is a brake arm that is on a spring and puts tension on the winder to hold it still unless the break arm is pushed on. The pad at the end of the brake arm is probably very worn. If you can put a rubber or foam or talk to someone that does servicing and perhaps they know the best material to use to replace the worn brake pad on the brake arm!
With out seeing your actual machine, that is my guess of your problem and solution. Here is a photo of my style machine.