A retractable mooring line device comprising a reel for storing and paying off a mooring line, having side walls each comprising a series of notches for receiving a releasable latch. A latch simultaneously engages between notches in both side walls at a substantially right angle to provide a secure, positive locking engagement between the latch and the reel while permitting the latch to be released under the application of relatively little force. In the preferred embodiment the latch may be actuated by a user's hand or foot and is biased toward the reel by a spring which bears against the housing. The mechanism can be exposed for maintenance or repair simply by removal of the gunnel plate and reinstallation of the gunnel plate does not require special loading of the latch spring.