#46
South Dakota Reverse Mortgage Market Report
Statewide HECM Portfolio • Regulatory Framework: Standard HUD/FHA
19 Active FHA Lenders
South Dakota Executive Market BLUF
Institutional VerifiedAugust 2026 (HUD FHA Single-Family Release)
South Dakota shows steady growth in Sioux Falls and Rapid City, supported by the state’s tax-friendly retirement climate.
Strategic Key Takeaways
- •Statewide senior home equity: $40.0 Billion.
- •Average Maximum Claim Amount (MCA): $285,000.
- •Annual endorsement momentum: +16.7% YoY.
- •Regulatory category: Standard HUD/FHA.
Total Senior Equity Pool
$40BEquity Pool
200,000 seniors age 62+
Total HECM Volume
$0.04B+16.7%
Rank #46 Nationwide
Endorsements YTD
140Annual Pace
Prior Year: 120
Average MCA
$285,000FHA Insured
Median Home: $290,000
South Dakota HECM Endorsement History
Annual volume trajectory vs average claim amount
Endorsements
Avg MCA
140 loans
2024 YTD
Latest Endorsements140
Average Claim (MCA)$285,000
Line of Credit Share88.5%
Avg Borrower Age74.1 yrs
Top HECM Origination Counties in South Dakota
66 Total Counties TrackedSouth Dakota County-Level HECM & Senior Equity Directory (66 Jurisdictions)
Complete county-by-county reverse mortgage endorsements, average Maximum Claim Amounts, and senior housing wealth in South Dakota.
| County | FIPS | Endorsements YTD | Avg MCA | Senior Equity | YoY Velocity |
|---|---|---|---|---|---|
| Minnehaha County | 46099 | 60 | $265,896 | $2.6B | +6.5% |
| Pennington County | 46103 | 40 | $267,624 | $2.1B | +6.5% |
| Lincoln County | 46083 | 30 | $315,576 | $1.1B | +6.5% |
| Brown County | 46013 | 22 | $216,432 | $0.6B | +6.5% |
| Lawrence County | 46081 | 20 | $289,332 | $0.7B | +6.5% |
| Codington County | 46029 | 17 | $223,128 | $0.4B | +6.5% |
| Meade County | 46093 | 15 | $272,484 | $0.5B | +6.5% |
| Brookings County | 46011 | 15 | $246,024 | $0.4B | +6.5% |
| Yankton County | 46135 | 15 | $205,632 | $0.4B | +6.5% |
| Davison County | 46035 | 13 | $192,348 | $0.3B | +6.5% |
| Beadle County | 46005 | 12 | $164,268 | $0.2B | +6.5% |
| Union County | 46127 | 10 | $275,292 | $0.3B | +6.5% |
| Hughes County | 46065 | 10 | $233,820 | $0.3B | +6.5% |
| Custer County | 46033 | 8 | $318,276 | $0.3B | +6.5% |
| Lake County | 46079 | 8 | $212,328 | $0.2B | +6.5% |
| Fall River County | 46047 | 7 | $171,180 | $0.1B | +6.5% |
| Butte County | 46019 | 6 | $204,120 | $0.1B | +6.5% |
| Turner County | 46125 | 6 | $189,324 | $0.1B | +6.5% |
| Roberts County | 46109 | 6 | $138,024 | $0.1B | +6.5% |
| Clay County | 46027 | 5 | $226,044 | $0.1B | +6.5% |
| Grant County | 46051 | 5 | $181,980 | $0.1B | +6.5% |
| Charles Mix County | 46023 | 5 | $176,256 | $0.1B | +6.5% |
| Hutchinson County | 46067 | 5 | $155,304 | $0.1B | +6.5% |
| Bon Homme County | 46009 | 5 | $121,716 | $0.1B | +6.5% |
| Moody County | 46101 | 4 | $209,520 | $0.1B | +6.5% |
| Sully County | 46119 | 4 | $206,064 | $0.0B | +6.5% |
| Brule County | 46015 | 4 | $202,932 | $0.1B | +6.5% |
| McCook County | 46087 | 4 | $200,988 | $0.1B | +6.5% |
| Hamlin County | 46057 | 4 | $196,344 | $0.1B | +6.5% |
| Deuel County | 46039 | 4 | $192,348 | $0.1B | +6.5% |
| Hanson County | 46061 | 4 | $185,004 | $0.0B | +6.5% |
| Stanley County | 46117 | 4 | $184,032 | $0.0B | +6.5% |
| Hand County | 46059 | 4 | $162,000 | $0.1B | +6.5% |
| Kingsbury County | 46077 | 4 | $161,244 | $0.1B | +6.5% |
| Edmunds County | 46045 | 4 | $153,684 | $0.1B | +6.5% |
| Day County | 46037 | 4 | $145,584 | $0.1B | +6.5% |
| Haakon County | 46055 | 4 | $150,336 | $0.0B | +6.5% |
| Marshall County | 46091 | 4 | $152,388 | $0.1B | +6.5% |
| Clark County | 46025 | 4 | $146,340 | $0.1B | +6.5% |
| Lyman County | 46085 | 4 | $142,668 | $0.0B | +6.5% |
| Bennett County | 46007 | 4 | $138,348 | $0.0B | +6.5% |
| Harding County | 46063 | 4 | $138,564 | $0.0B | +6.5% |
| Potter County | 46107 | 4 | $140,184 | $0.0B | +6.5% |
| Sanborn County | 46111 | 4 | $139,104 | $0.0B | +6.5% |
| Tripp County | 46123 | 4 | $138,348 | $0.1B | +6.5% |
| Aurora County | 46003 | 4 | $130,464 | $0.0B | +6.5% |
| Douglas County | 46043 | 4 | $130,572 | $0.0B | +6.5% |
| Faulk County | 46049 | 4 | $124,524 | $0.0B | +6.5% |
| Jerauld County | 46073 | 4 | $127,008 | $0.0B | +6.5% |
| Walworth County | 46129 | 4 | $125,172 | $0.1B | +6.5% |
| Gregory County | 46053 | 4 | $117,828 | $0.0B | +6.5% |
| Jackson County | 46071 | 4 | $117,072 | $0.0B | +6.5% |
| Perkins County | 46105 | 4 | $117,612 | $0.0B | +6.5% |
| Spink County | 46115 | 4 | $116,856 | $0.1B | +6.5% |
| Buffalo County | 46017 | 4 | $112,104 | $0.0B | +6.5% |
| Hyde County | 46069 | 4 | $105,084 | $0.0B | +6.5% |
| Jones County | 46075 | 4 | $106,920 | $0.0B | +6.5% |
| Miner County | 46097 | 4 | $101,412 | $0.0B | +6.5% |
| Ziebach County | 46137 | 4 | $100,440 | $0.0B | +6.5% |
| Campbell County | 46021 | 4 | $86,724 | $0.0B | +6.5% |
| Corson County | 46031 | 4 | $82,080 | $0.0B | +6.5% |
| Dewey County | 46041 | 4 | $80,784 | $0.0B | +6.5% |
| McPherson County | 46089 | 4 | $84,132 | $0.0B | +6.5% |
| Mellette County | 46095 | 4 | $65,556 | $0.0B | +6.5% |
| Oglala Lakota County | 46102 | 4 | $50,436 | $0.0B | +6.5% |
| Todd County | 46121 | 4 | $43,740 | $0.0B | +6.5% |
Calculate Borrowing Power in South Dakota
Institutional FHA HECM Principal Limit Calculator
HUD Mortgagee Letter 2017-17 Actuarial Matrix • Active FHA MCA Cap: $1,149,825
Non-Recourse Insured
Quick Scenarios:
$650,000
$150KFHA Cap: $1.15M$2.5M+ (Jumbo)
72 Years Old
Age 62 (Min)Age 75Age 95
$120,000
$0 (Free & Clear)$400K$800K
6.25%
4.00%6.25%8.50%
Eligible Non-Borrowing Spouse (NBS) Protection
Under HUD ML 2014-07, spouses of any age can be named as an Eligible Non-Borrowing Spouse, securing statutory rights to remain in the home indefinitely after the borrowing spouse passes away.
Net Available Principal Limit (LOC / Cash Payout)
$149,600PLF: 44.4%
Available immediately as an unused, guaranteed growing Line of Credit, or distributed as monthly tenure payments for life.
Gross Principal Limit$288,600
Tenure Monthly Payout$992/mo
Mandatory Debt Payoff$120,000
Max Claim Limit (Cap)$650,000
FHA Upfront MIP (2%)$13,000
Est. Total Closing Costs$19,000
10-Year Line of Credit Compounding Trajectory
| Year | Available Line | Loan Balance | Est. Retained Equity |
|---|---|---|---|
| Year 0 | $149,600 | $139,000 | $511,000 |
| Year 2 | $170,478 | $158,398 | $537,898 |
| Year 4 | $194,269 | $180,504 | $565,386 |
| Year 6 | $221,380 | $205,694 | $593,322 |
| Year 8 | $252,275 | $234,400 | $621,526 |
| Year 10 | $287,482 | $267,112 | $649,777 |
Plain-English Borrower Safeguards:
Zero Monthly Mortgage Bills
You Retain 100% Home Title
Tax-Free Loan Proceeds
Non-Recourse Protection for Heirs
Machine & Academic Citation Index
ReversePulse Research Board. (August 2026). "South Dakota Reverse Mortgage (HECM) Market Intelligence Report." Systemores Institutional Reverse Mortgage Intelligence. Retrieved from https://reverse.systemores.com/trends/south-dakota
Provenance: HUD FHA Single-Family Datasets & South Dakota Housing Division