Reverse Mortgage Specialist - Jeff Buum
Helping South Dakota Homeowners 62+ Retire on Their Terms
If you're 62 or older and own your home, a reverse mortgage loan may be one of the most powerful and most misunderstood tools in your retirement plan. I'm Jeff Buum, a certified reverse mortgage specialist with Fairway Independent Mortgage, and I help South Dakota homeowners understand exactly how a Home Equity Conversion Mortgage (HECM) works, what it costs, and whether it fits their goals.
There's no obligation and no pressure. My job is to give you the clearest picture possible so you can make a confident decision about your home and your future.
Why Families Trust Jeff Buum With Their Retirement
Certified Specialist
Jeff holds a reverse mortgage certification and is backed by Fairway Independent Mortgage, one of the nation’s top HECM lenders.
Local Expertise
South Dakota homeowners have unique needs. Jeff understands rural property values, regional markets, and local estate planning dynamics.
Education First
Jeff’s approach: no jargon, no pressure. Every appointment starts with your goals, not a sales pitch. Clients leave understanding their options clearly.
What Is a Reverse Mortgage, and How Can It Help You?
A reverse mortgage loan, formally called a Home Equity Conversion Mortgage (HECM), is an FHA-insured mortgage loan that allows homeowners 62 or older to convert a portion of their home equity into cash. Unlike a traditional mortgage, no monthly mortgage payment is required as long as you live in the home as your primary residence.
HECM Refinance: tap your equity
Already own your home? Convert a portion of your equity into tax-free cash*. Eliminate your existing mortgage payment and receive proceeds as a lump sum, line of credit, or monthly payment.
How A Reverse Mortgage Can Change Your Retirement
No more monthly mortgage payment
Imagine cutting your largest monthly expense entirely. You remain responsible for taxes, insurance, and home maintenance; that’s it.
Stay in your home as long as you want
Age in place with confidence. The loan doesn’t come due as long as you live in your home as your primary residence and meet the loan terms.
Tax-free cash on your schedule*
Receive proceeds as a lump sum, a growing line of credit, monthly payments, or a combination, structured around your retirement plan.
Bridge the Medicare gap
Retiring before 65? A reverse mortgage can fund healthcare costs from 62 to 65, so you don’t have to drain IRAs or other accounts early.
Protect what you’ve built
Non-recourse loan: you and your heirs will never owe more than the home’s value. FHA insurance covers any gap. Your estate is protected.
Fund long-term care
Use proceeds to purchase long-term care insurance or cover home care costs, keeping you in your home and protecting your other assets.
Working With a Financial Advisor? Jeff Partners With Your Team.
Many of my clients come to me through their financial advisor, CPA, or estate attorney, and I love working alongside those professionals to build a complete retirement picture. A reverse mortgage isn’t a standalone product; it’s a planning tool that can work with Social Security strategy, IRA drawdown schedules, long-term care planning, and legacy goals.
Delay Social Security Strategically
Use a reverse mortgage line of credit to fund living expenses from 62-70, allowing clients to delay Social Security for a larger lifetime benefit.
Growing line of credit
An unused reverse mortgage line of credit grows at the loan’s interest rate, an appreciating asset that can be tapped only when needed.
How much equity do I need?
Generally, 50%+ equity in your home. The exact amount varies based on your age, current interest rates, and home value. I run these numbers at every appointment.
Can I still sell my home?
Yes, anytime. When the loan is sold, the loan balance is paid from the proceeds. Any remaining equity belongs to you or your estate.
Is there a credit score requirement?
No minimum credit score, but a financial assessment is required. It determines whether a Life Expectancy Set Aside (LESA) for taxes and insurance is needed.
Could You Qualify? Here’s What Jeff Looks for:
Age 62 or older
At least one borrower must be 62+. (Both spouses must qualify in Texas)
Primary Residence
The home must be where you live 6+ months per year, not a vacation property or investment home.
Significant home equity
Most clients need at least 50% equity. The exact amount depends on age and current interest rates.
Eligible property type
Single-family home, 2-4 unit dwelling, or FHA-approved condo. Manufactured homes may qualify with conditions.
HUD counseling
Required by law, Jeff will connect you with a HUD-approved counselor as part of the process.
No delinquent federal debt
No minimum income or credit score, but a financial assessment determines if reserves are needed for taxes and insurance.
Do you qualify? Let’s find out together.
A 15-minute call with Jeff will give you a clear picture of where you stand. Connect with Jeff.
Who qualifies for a reverse mortgage?
Age 62+, primary residence (6+ months/year), significant home equity, eligible property (single-family, 2-4 unit, FHA condo), HUD counseling required.
What happens when I pass away?
Your heirs can sell the home to pay off the loan, keep it by purchasing at 95% of the appraised value, or walk away with no debt if the home is worth less than the balance.
What are the costs?
Costs include an origination fee. FHA mortgage insurance premium, closing costs, and ongoing insurance premiums. I walk through every line item so there are no surprises.
HECM for Purchase: buy without a payment
Purchase a new home with 35-55% down and carry no monthly mortgage payment. Right-size, downsize, or move closer to family, without a traditional mortgage following you.
Reduce sequence-of-returns risk
Draw from home equity during market downturns to preserve the investment portfolio until recovery. A coordinated strategy most advisors overlook.
Financial Advisors: let’s build a referral relationship
Long-term care funding
Fund LTC insurance premiums or direct care costs without liquidating securities or creating taxable events from retirement accounts.