South Dakota Reverse Mortgages for Seniors

South Dakota reverse mortgages for seniors are a financial tool that should be explored if you are a senior homeowner 62 years or older in need of supplemental income. As a senior homeowner you can access your home equity through the use of South Dakota reverse mortgages for seniors and never make a mortgage payment for as long as you continue living in your home full-time.

Seniors nationwide have been taking advantage of these unique loans in greater numbers since 2001. Since that time there have been 352,027 HECM (Home Equity Conversion Mortgages) insured by FHA closed in the United States. HECM loans make up over 85% of the reverse mortgage market. This is mainly due to the fact that they are government insured and non-recourse. What that means for you is that no matter what may happen in the future to the lender that originated your loan, your benefits are guaranteed to be there for you and your family regardless of any turmoil in the financial markets. Non-recourse means that regardless of property values and accumulated interest on your reverse mortgage, the house stands alone for the debt when it's time to pay-off your loan. Your estate or your heirs will never be responsible for any shortfall, if any, when you sell your home or pass away.

Tax Free Income

Income received from reverse mortgages is Tax-Free and does not affect your Social Security or Medicare benefits. You may use the money for anything you wish. No mortgage payments are required for as long as you live in your home. The maximum HECM loan limit for South Dakota is $200,160.

Qualifications for South Dakota reverse mortgages for seniors are relatively straight forward. You must have substantial equity in your home versus the current market value of your property. All persons on the title to your home must be a minimum of 62 years of age. If you would like to take a quick glance at whether you will qualify for a reverse mortgage, you can use our free reverse mortgage calculator. The reverse mortgage calculator results are an approximation and are not to be relied upon as a commitment to lend or as an exact loan amount benefit.

Seniors Loan Qualification

However, if after using the calculator tool, you would like more specific information and a detailed benefit summary that applies to your exact property please feel free to request your South Dakota reverse mortgages for seniors loan comparison here. This summary will compare various loans and illustrate which one will offer you the most money. It also compares interest rates and fees.

• Link to South Dakota AARP

Click Here To See If You Have Enough Equity To Qualify