South Dakota Reverse Mortgages

A South Dakota reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.

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How a Reverse Mortgage Works in South Dakota

Home equity conversion mortgages (HECMs), often called reverse mortgages, allow homeowners to tap into a portion of their home equity to increase their cash flow. A reverse mortgage can make a great solution for eligible homeowners in the Mount Rushmore State by offering a greater degree of financial freedom during retirement.

If approved for a South Dakota reverse mortgage, you can use the proceeds to:

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Supplement fixed income from Social Security, pensions, or retirement accounts
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Cover the costs of daily necessities like groceries and utilities
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Pay for medical visits, procedures, and billing
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Finance home renovations
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Fund your hobbies, leisure, and travel

GoodLife’s reverse mortgage guide will walk you through what you need to know about the HECM program and how it might work for your retirement finances.

To learn more about the structure of a reverse mortgage in South Dakota, download GoodLife’s reverse mortgage guide for additional information.


Reverse Mortgage Qualifications & Requirements

South Dakota reverse mortgages are overseen by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). That means they must abide by the federal regulations these administrations have put in place:

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Borrowers must be at least 62 years of age

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Borrowers must own substantial equity in their home
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Borrowers must occupy the property as your primary residence
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Borrowers are required to meet with a HUD-approved third-party counselor
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Borrowers are required to maintain your home to FHA standards
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Borrowers must be current on debts and other financial obligations

Be sure to review our page on reverse mortgage eligibility to fully understand the requirements. If you still have questions, a Goodlife Reverse Mortgage Specialist will be happy to speak with you in more detail.

Do you qualify for a South Dakota reverse mortgage?


South Dakota Reverse Mortgage Calculator

Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.


South Dakota Reverse Mortgage Process

The GoodLife South Dakota reverse mortgage application process requires just a few steps to complete and can get you the funding you need quickly, so you don’t have to wait around for money to become available. Here are the steps:


During the first stage, we will review the South Dakota reverse mortgage qualifications with you, and help you decide whether this form of funding is best for your situation.


HECM applicants are required by the HUD to meet with an approved third-party counselor to help borrowers fully understand the implications of their decision to take out a reverse mortgage.


An FHA-approved appraiser will inspect your home to ensure it meets standards, then appraise its value to determine the value of your loan.


After your application is completed, submitted, and approved, you may choose to receive your loan proceeds as a lump sum, a line of credit, or as a series of monthly payments.

Reverse Mortgages in South Dakota: FAQs

What if I still have an existing mortgage?

Borrowers who own significant equity in their homes can still apply for a reverse mortgage if they have an existing mortgage. However, HECM funding will first be used to pay down the outstanding mortgage debt, before any remaining funds can be disbursed to borrowers.

Are there monthly payments required on an SD reverse mortgage?

Monthly payments are not required on an SD reverse mortgage until a maturation event, like the death of the borrower or their departure from the home, at which point the loan becomes Due and Payable. Note that borrowers do have the option to begin making payments prior to a maturation event if they desire.

Which properties in South Dakota qualify for a reverse mortgage?

Several types of property are eligible for a South Dakota reverse mortgage: 

  • Single-family homes 
  • Townhomes
  • FHA-approved condominiums
  • Two- to four-unit properties

Properties with more than four units are considered commercial and are ineligible for a HECM. Per the requirement that states the property must serve as your primary residence, vacation homes are also ineligible.

For more information on South Dakota reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.


Download the Reverse Mortgage Guide

Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!

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