Reverse Mortgage Specialist
Jeff Buum | Sioux Falls, SD
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.
South Dakota 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.
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.
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.
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.
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.
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.
Bridge the Medicare gap
Retire 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.
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.
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.
Long-term care funding
Fund LTC insurance premiums or direct care costs without liquidating securities or creating taxable events from retirement accounts.
Reverse Mortgage Myths, and the Facts
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Fact: The deed stays in your name. As long as you live there, pay taxes and insurance, and maintain the home, you cannot be forced out, period.
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Fact: This is a non-recourse loan. Your heirs are never liable for more than the home's appraised value. FHA covers any shortfall, not your family.
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Fact: Many of my clients are financially comfortable, they use a reverse mortgage as a strategic tool to extend their portfolio, manage risk, or fund long-term care without selling assets.
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Fact: Not at all. If you have an existing mortgage, the reverse mortgage pays it off, and any remaining equity comes to you. Many South Dakota clients use it specifically to eliminate their current payment.
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Fact: The deed remains in your name. You can sell or move at any time, that decision belongs to you, not the lender, not the government.
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Fact: Only one borrower must be 62 or better to qualify. The home must be the primary residence (lived in 6+ months per year). Both spouses must be 62 in Texas only.
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Fact: A reverse mortgage has no end date tied to your age. As long as you meet the loan terms — living in the home, paying taxes and insurance, maintaining the property, you can stay as long as you choose.
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Fact: Many of the strongest retirement income strategies use a reverse mortgage line of credit proactively, not as a fallback. Financial planners increasingly recommend it as a first-line tool for tax efficiency and portfolio protection.
Reverse Mortgage Questions, Answered by Jeff
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 home 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.
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.
Could You Qualify? Here’s What Jeff Looks for
Primary residence
The home must be where you live 6+ months per year, not a vacation property or investment home.
Eligible property type
Single-family home, 2-4 unit dwelling, or FHA-approved condo. Manufactured homes may qualify with certain conditions.
No delinquent federal debt
No minimum income or credit score, but a financial assessment determines if reserves are needed for taxes and insurance.
Age 62 or older
At least one borrower must be 62+. (Both spouses must qualify in Texas; South Dakota has no such restriction.)
Significant home equity
Most South Dakota clients need at least 50% equity. The exact amount depends on age and current interest rates.
HUD counseling
Required by law, Jeff will connect you with a HUD-approved counselor as part of the process at no cost.
Jeff’s Reverse Mortgage Team
Reverse mortgage planning is a team effort. I work closely with two other certified reverse mortgage specialists at Fairway, Troy Lage and Nick Kiesow, so you always have an expert available when you need one.
Troy Lage - Loan Officer, NMLS# 400287
Certified Reverse Mortgage Specialist at Fairway Heartland
(605) 310-4645 | troyl@fairwaymc.com | Fairway Heartland
Nick Kiesow - Loan Officer, NMLS# 404680
Certified Reverse Mortgage Specialist at Fairway Heartland
(605) 366-0919 | nick.kiesow@fairwaymc.com | Fairway Heartland
Ready to See if a Reverse Mortgage Is Right for You?
There is no commitment required. Book a free Retirement Mortgage Planning appointment with me and we’ll talk through your South Dakota home, your goals, and whether a reverse mortgage makes sense.
Jeff Buum - Loan Officer, NMLS# 400290
Certified Reverse Mortgage Specialist | Fairway Heartland
7615 S. Kenton Lane, Suite 110, Sioux Falls, SD 57108
(605) 321-7303 | jeff.buum@fairwaymc.com
Fairway Independent Mortgage Corporation NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. These materials are not from HUD or FHA and were not approved by HUD or a government agency. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Licensed in South Dakota. Equal Housing Opportunity.