It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in South Dakota, don't hesitate to contact one of our specialists at any time.Like many seniors across the nation, seniors in South Dakota have experienced the negative effects of recent economic events. It's difficult enough dealing with economic uncertainty when you're working, and even worse when you're on a fixed income. What's most frustrating is that seniors struggling to make their monthly bills may be unknowingly sitting on a substantial investment - the equity they've built up in their homes. It doesn't matter if you're retired. If you're 62 years of age or older, you could use a reverse mortgage to access that equity. South Dakota seniors across the state are turning to reverse mortgages to help pay off medical bills, renovate their homes, or just feel more secure knowing they have immediate access to money should the need arise.
Paying Back a Reverse MortgageWhile no more mortgage payments and extra cash sound great, you're probably wondering how you pay back a reverse mortgage.* South Dakota residents do not have to pay back the loan on a reverse mortgage until they either sell the home, no longer live in the home, or pass away. When one of these conditions is met, the loan amount and accumulated interest come due. However, a reverse mortgage is what is known as a nonrecourse loan, meaning you never owe more than the appraised value of the home. If the loan comes due because the last homeowner passed away, the borrowers' heirs could either sell the home to pay off the mortgage, or refinance for the amount owed, which includes any accumulated interest. As the borrower, you maintain ownership of your home and must pay all property taxes and insurance fees. You're also required to keep the home well maintained. As for the money freed up by accessing your equity, it can be put to any use you see fit.
South Dakota Reverse Mortgage SpecialistsYou should consider a reverse mortgage if you want to rediscover the feeling of financial security and capitalize on the value of your biggest and wisest investment - your home. One Reverse Mortgage works with multiple reverse mortgage licensed specialists in South Dakota. If you have any questions about applying for a reverse mortgage in South Dakota, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.