South Dakota Reverse Mortgage Lender

South Dakota Reverse Mortgages

How a Reverse Mortgage Works

A South Dakota Reverse Mortgage is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the South Dakota property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.

South Dakota Reverse Mortgage Requirements

Age requirement: South Dakota borrower must be 62 or older
HUD-approved counseling
Income: No requirements
Assets: No requirements
South Dakota employment: No requirements
Credit score: No requirements
Health: No requirements

SD Reverse Mortgage FAQs

Can I lose my home with a South Dakota Reverse Mortgage?

The Bank can only foreclose on your South Dakota home if you do not 1) pay your homeowners insurance, SD real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the South Dakota home as your primary residence. You never have to make a mortgage payment.

What if I already have a South Dakota mortgage?

First, your current mortgage and any other liens against the property in South Dakota will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.

Will a South Dakota Reverse Mortgage cause me to pass debt on to my heirs?

A Reverse Mortgage in South Dakota is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the South Dakota home is greater than what is owed, the heirs inherit the additional money after the loan is paid.

Are South Dakota (SD) Reverse Loans high-risk?

A number of safeguards have been built into the program, including mandatory HUD-approved counseling in South Dakota, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.