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What is a South Dakota reverse mortgage? This product it is a form of lending aimed at homeowners. A normal mortgage offers a potential property buyer the money to purchase the property they are considering. The South Dakota reverse mortgage is the reverse of this process. It allows the owner of a property to sell a part of the equity in their home for financial payments.

Does this mean that the owner is selling their property? Yes and no. They are selling some of the value of their property without having to move out of their home. A South Dakota reverse mortgage therefore allows the homeowner to enjoy the finance available in what is the biggest, or one of the biggest, investments they have made during their life but still get to enjoy the home they have made.

Who is this product aimed at? A reverse mortgage is aimed at the senior property owner who is looking for an extra income source. The money paid can be used for any purpose from their past-times to holidays to just covering an unexpected gap in their retirement finances. The borrower will receive the finance up front and will not be expected to pay anything back until the property is sold.