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

(211)

Larry Was Always Available and Patient Larry was always available, patient, knowledgeable, no problem talking to my children and answering their questions, explained and provided me with enough information that made me feel secure in my decision to have him handle my reverse mortgage. .

Susan G — May 11, 2023

A pleasant experience Larry McAnarney was very professional yet warm in his dealing with both my wife and me. Our experience during the entire process was a pleasant one.

Paul C — Jan 30, 2014

Professional and Knowledgeable Professional and Knowledgeable I am so glad you help me with my reverse mortgage. I could not have had a more professional and knowledgeable person to go over the details and answer my questions and concerns. I appreciate it very much. Thanks again      

Dave R — Sep 28, 2018

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

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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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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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The specific amount depends on several factors, including:

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

  •  A “maturity event” —…
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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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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.