Reverse mortgage in South Dakota
In South Dakota, HUD's loan records identify the lenders, loan locations and counseling providers.
- Over a year, South Dakota recorded 60 closed HECMs
- The Median home value HUD counted is $377,500
- South Dakota: Fairway Independent Mortgage Most HECMs (38)
Between September 2025 and August 2026, 0.2% of all 24,529 HECMs nationwide closed in South Dakota, according to HUD's data: 60 loans, ranking 46th among the 50 states and DC.
8 of those loans bought a home using a HECM for Purchase, 2 refinanced an earlier HECM and 3 hit the $1,249,125 value cap.
South Dakota HECMs compared with the national figures
The final two rows come from the calculator.
| South Dakota | Against all HECMs | |
|---|---|---|
| HECMs closed | 60 | 0.2% of all 24,529 |
| Median home value counted | $377,500 | $62,500 less |
| Median principal limit | $158,019 | $36,153 less |
| Principal limit as a share of value | 41.6% | 1.8 points lower |
| Median expected rate | 6% | 0.125 points higher |
| HECM for Purchase | 13.3% | 7.8 points higher |
| Refinanced HECMs | 3.3% | 7.5 points lower |
| Lenders with a loan here | 7 | of 34 nationwide |
| Amount left at age 70 after costs, median home, no mortgage | $128,890 | $22,650 less |
| Usable in the first year at age 70 | $70,604 | $13,000 less |
South Dakota HECM lenders ranked by loan count
In South Dakota, 7 lenders sponsored HECMs. The top three lenders were Fairway Independent Mortgage, Finance of America Reverse and Mutual of Omaha Mortgage; their combined total was 50 of the 60 loans (83%). See the national ranking to compare.
| Rank | Lender | HECMs | Share |
|---|---|---|---|
| 1 |  | 38 | 63.3% |
| 2 | Finance of America Reverse | 6 | 10% |
| 3 |  | 6 | 10% |
| 4 | Longbridge Financial | 4 | 6.7% |
| 5 |  | 3 | 5% |
| 6 | University Bank | 2 | 3.3% |
| 7 |  | 1 | 1.7% |
In South Dakota, local lenders and brokers that originated HECMs
Applications for South Dakota HECM loans went to 10 companies. Outside the national names above, these firms led in originations: Loandepot.com with 2, Xpert Home Lending with 1 and American Pacific Mortgage with 1. These counts are of the company that originated each loan, while the ranking above counts the lender that sponsored it, so the two lists are not comparable.
Locations of HECMs in South Dakota
Minnehaha County led with 27 out of 60 loans, ahead of Lincoln with 7. Counts were highest in Sioux Falls (28), Rapid City (3), Hot Springs (2), Beresford (2) and Yankton (2). City names are the mailing city on each HUD record and can reach into nearby counties, so a city's count need not match the county table.
| County | HECMs | Share |
|---|---|---|
| Minnehaha | 27 | 45% |
| Lincoln | 7 | 11.7% |
| Custer | 3 | 5% |
| Pennington | 3 | 5% |
| Lawrence | 3 | 5% |
| Yankton | 2 | 3.3% |
HUD-approved counselors for reverse mortgages in South Dakota
HUD lists 1 agency for reverse mortgage counseling based in South Dakota. Their phone numbers appear in HUD's search for counselors.
| City | Agency | How they counsel | Languages |
|---|---|---|---|
| Rapid City, SD | Pioneer Credit Counseling | phone, in person, online, group | English, Spanish |
Property tax relief in South Dakota for older homeowners
In South Dakota, homeowners 65 and older may qualify for an assessment freeze when the home is worth $514,500 or less and yearly income is under $56,595 for a household with one member or $66,885 for a household with multiple members. Previous applicants are an exception to the home-value limit. Property Tax Refunds - City of Sioux Falls.
Who oversees reverse mortgage lenders in South Dakota
Under Chapter 54-14, mortgage lenders and brokers in South Dakota must have a license. Codified Law 54-14 | South Dakota Legislature.
Source: the HUD HECM portfolio snapshot, covering September 2025 to August 2026. Every state.