South Dakota Reverse Mortgage Information

South Dakota Reverse Mortgage Information

Unlock Your Home's Equity: South Dakota Reverse Mortgage Information

Welcome to Mutual of Omaha Reverse Mortgage in South Dakota, your trusted resource for comprehensive information on reverse mortgages in the Mount Rushmore State. If you're a homeowner aged 62 or older in South Dakota, including Pierre, Sioux City, Rapid City, or anywhere else in South Dakota, discover how you can leverage your home equity to achieve financial security and peace of mind in retirement.

Meet Larry McAnarney: Your Trusted Reverse Mortgage Expert

Larry McAnarney, HECM Loan Specialist

Larry McAnarney

HECM Loan Specialist

NMLS# 21059 | 815-703-4745

Larry has been a seasoned reverse mortgage professional since 1998. As a Certified Senior Advisor (CSA) and trusted member of the National Reverse Mortgage Lenders Association (NRMLA), Larry brings unparalleled expertise and dedication to every client he serves in South Dakota.

Why Choose Larry McAnarney?

Larry's extensive knowledge and understanding of reverse mortgages make him a trusted advisor for South Dakota homeowners seeking financial flexibility in retirement. Whether you're looking to supplement your retirement income, cover healthcare expenses, or pursue your dream retirement lifestyle, Larry is committed to providing personalized guidance tailored to your unique needs and goals.

Your Path to Financial Freedom Starts Here

Explore our comprehensive resources on reverse mortgages in South Dakota, provided by Larry and his team of experienced specialists. From informative guides and articles to personalized consultations, we're here to help you make informed decisions about your home equity and secure your financial future.

Get Started Today

Ready to explore the possibilities of a reverse mortgage in South Dakota? Contact Larry at 815-703-4745 to schedule a consultation. Take the first step towards financial security and peace of mind in retirement with expert guidance and support from Larry.

Experience Larry McAnarney's Expertise

Trust Larry to guide you through the reverse mortgage process with integrity, professionalism, and a commitment to excellence. Discover the benefits of a reverse mortgage tailored to your needs in South Dakota today.

Your financial future starts here. Get a Quote.

Verified Reviews

(197)

Worked well for us! My wife and I had been discussing reverse mortgage for some time. We had heard all the pros and cons of doing this type of mortgage and the pros won out. We have a house that was built in 1976 and we have been in it since 1991. We have really done no updates on it and it was really needing some remodeling. We were just not able to afford all the stuff that it needed. We could not find anyone in our area that did reverse mortgage so I got on the internet and did some searches. A few days later I got a call from Larry McAnarney. I told Larry that I came from the "old school" and was use to doing business face to face, but since he was in Illinois and we were in Texas it made it a little difficult. However, to make a long story short, Larry explained everything to our satisfaction and we started the process. We had to go to a counseling session so that we understood the process. After that it was pretty simple. Thanks to Larry McAnarney.

Joe G — Apr 14, 2015

Highly Impressed Upon my initial conversation with Larry I was highly impressed along with his credentials. As I continued to work along with him in obtaining all the documentation Larry requested, he came across some huge hurdles regarding my financial situation, but managed to resolve ALL  and was able to successfully acquire a reverse mortgage for myself. I cannot thank Mr. McAnarney enough for providing me with a comforting financial lifestyle.  Larry truly left me with a lasting and positive impression while accomplishing all that he could for me.  Emotionally now, I can see the light at the end of the tunnel. If you are looking to take the next step to financial security and peace of mind, I highly would recommend the very ultimate and polished man in his field, Mr. Larry McAnarney.

Donna G — Apr 4, 2017

Larry was Very Helpful and Understanding Larry was very helpful throughout the whole thing. He made understanding the terms simple.      

Paul L — Jan 11, 2024

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Reverse Mortgage Frequently Asked Questions

Yes, refinancing is possible. This option may be to your advantage if your home increases in value, making more funds available.

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A HECM is a reverse mortgage loan that's insured by the Federal Housing Administration (FHA).

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You’ll repay the loan balance, any fees that have been added, and the accrued interest. Homeowners (or their heirs) usually…

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Use the proceeds for the things you need and want. For example: refinancing your existing mortgage(s) to improve cash flow; consolidating…

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Reverse mortgages are available with either fixed or variable rates. Borrowers who elect a fixed-rate…

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The funds from a reverse mortgage generally do not affect regular Social Security or Medicare benefits. However, needs-based benefits, such as Medicaid…

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A reverse mortgage is a home-secured loan that’s exclusively for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of…

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You have a number of choices for how you receive your funds:

  • Lump sum
  • Monthly…
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A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you…
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The specific amount depends on several factors, including:

  • Your…
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With the exception of a fee for government-required reverse mortgage counseling, most of the fees associated with a reverse mortgage can be financed…

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Yes. For many homeowners age 62 and older who are looking to refinance their mortgage(s) or consolidate debt to reduce their monthly bills, a reverse…

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Typically, reverse mortgage loan funds are not subject to income tax. Contact your tax advisor for additional details.

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The other borrower continues to own and live in the home — and enjoy all the benefits of their reverse mortgage.

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The loan must be paid in full when one of the following occurs:

  •  A “maturity event” —…
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To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

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Yes, with the HECM (Home Equity Conversion Mortgage) for Purchase loan, qualified borrowers can use their loan proceeds…

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Below are just a few of the South Dakota cities and counties where you can obtain a reverse mortgage.