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Compare Reverse Mortgage Specialists in Brookings, SD
Browse reverse mortgage specialists serving Brookings, South Dakota. Contact information and addresses listed below.
15 agents listed
Updated May 2026
Brookings, SD
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the South Dakota before hiring.
Showing 15 reverse mortgage specialists in Brookings, SD
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Dakotaland Federal Credit Union Brookings
2423 6th St, Brookings, SD 57006
6056975922
Brookings, SD - Mortgage Lender | Fairway Home Mortgage
Edward Jones - Financial Advisor: Chad Shields, AAMS®
1718 6th St, Brookings, SD 57006
6056926321
What Does a Reverse Mortgage Specialist in Brookings Cost?
Typical costs for a reverse mortgage in South Dakota include an origination fee (up to 6,000 dollars or 2 percent of the home value, whichever is less), an upfront mortgage insurance premium (2 percent of the appraised value), and third-party costs such as appraisal (400 to 600 dollars), title search, and recording fees. Annual costs include a 0.5 percent mortgage insurance premium and servicing fees. Total closing costs in Brookings generally range from 8,000 to 12,000 dollars but vary by lender and property value. This is general information, not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Brookings South Dakota?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence. South Dakota does not have specific state reverse mortgage laws beyond federal HUD guidelines, but you must complete a mandatory counseling session with a HUD-approved agency before applying.
How much can I borrow with a reverse mortgage in Brookings?
The amount depends on your age, the appraised value of your home, and current interest rates. In Brookings, where median home values are around 250,000 dollars, a typical borrower might access 40 to 60 percent of their home equity. Younger borrowers (age 62) generally qualify for less than older borrowers.
Are reverse mortgage proceeds taxable in South Dakota?
No, reverse mortgage proceeds are considered loan advances, not income. They are not subject to federal or South Dakota state income tax. However, interest on the loan is not tax deductible until you pay it back. Always consult a tax professional for your specific situation.
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About Our Listings
Brokers listed on BeforeMortgageUSA.com are compiled from publicly available directories, state mortgage licensing authority records, and business listings. Inclusion does not constitute endorsement. We do not verify broker licensing, disciplinary status, or qualifications. Verify each broker's current standing with the South Dakota.