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Champion Mortgage has a long history as a reverse mortgage lender. Champion Mortgage company recently made national headlines for its involvement in a class-action lawsuit for charging unnecessary fees.
- Direct deposit available
- Difficult to close account
- High fees
About Champion Mortgage
Champion reverse mortgage fees
Champion Mortgage charges more additional fees for their services than other reverse mortgage lenders. Along with the fees listed, a more comprehensive list of Champion fees and costs are available on their website.
|Payment plan change||Fee to change type of payment plan||Up to $50|
|Servicing fee||Monthly fee for servicing related activities||Up to $35|
|Appraisal||Fee for home inspection to determine valuen||Up to $820|
|Property Inspection||Fee to change type of payment plan||Up to $50|
|Property preservation||Costs for lawn care, system maintenance, securitization, etc||$30 to $2,500+ per event|
|Foreclosure costs||Costs for attorney, process server, transfer tax, and additional foreclosure fees||$100 to $5,225 per action|
Champion Mortgage FAQ
- What was the Champion Mortgage class action lawsuit?
- Champion Mortgage was forced to pay more than $5 million to former customers because it illegally required home inspections and hid several fees that violated federal regulations. Because of this, Champion caused many older people to foreclose on their homes, shocking family members trying to close out a loved one's estate.
- Will Champion Mortgage own my home?
- No. Although your residence is collateral in the reverse mortgage, you keep the title to your home.
- Can Champion payments be deposited directly into my bank account?
- Yes. You can provide Champion Mortgage with a voided check at closing or later to have your payments deposited automatically into your account.
- How long does it take to close a Champion reverse mortgage?
- Each case will vary, but most Champion reverse mortgages close between two weeks and 30 days.
- How does Champion calculate total loan amounts?
- The FHA and HUD set maximums and standards for certain loans, but Champion considers property value as the main way to determine the amount of each loan.
Do we recommend Champion Mortgage?
Based on the number of negative verified customer reviews and Champion Mortgage complaints, we do not recommend getting a reverse mortgage through Champion. Many clients found their sales and marketing tactics misleading, and the lawsuit spoke for the rest.
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If you are looking to get a reverse mortgage look elsewhere. If you are the executor of an estate and Champion Mortgage is a lien holder be prepared. Champion Mortgage racked up $37,000 in fees on a $120,000 loan in 15 months. It took 4 months and countless calls before they would update contact information for the executor. There were multiple breaches of personal data and confidential information was sent to others who had no authority to act on behalf of my father’s estate. Confidential information was taped to the front door in plain white envelopes just ready for anyone to view. My dad lived in a small community and was a very private man. Champion Mortgage's complete disrespect for privacy has now created issues in the community for my brother and me and created significant hurdles for us and our ability to sell the home.
In my view Champion Mortgage’s behavior should be classified as “Elder Abuse”, they used my father to ultimately rake in $37,000 and foreclose on a home my brother built for our dad. One day I hope an attorney or the DOJ will nail the evil ** to the wall; the borrowers, family members and tax payers, who are on the hook for, Federally backed loans deserve better.
Please read all of the above reviews and heed the warning. Everything written on every review is true. There is no winning in this situation unless you are Champion Mortgage. Every person you speak with has a different view of the reverse mortgage process. Getting a payoff is almost impossible because interest adds up daily for their benefit. I have spoken with supervisors and to THEIR supervisor. No one keeps notes of when you call in so they can't be held accountable for wrong information you will get. I have been promised that higher ups in management would call....nothing. They are guaranteed getting paid by the government if home goes into foreclosure so of course the longer it hangs in the balance the more money they are able to collect from government. It is just a losing situation no matter how you look at it. And let me tell you the heartache you endure in the process is nothing short of living hell.
If you are thinking of getting a Reverse Mortgage, stop right here!!! My mother got a Reverse Mortgage about eight years ago. She was told her family had exactly one year from the day she passes to pay off the mortgage. Well she passed 10/2018 and my family and I have been nothing but harassed the ENTIRE time. We have been threatened they were going to change the locks and foreclosure. We have taken excellent care of the home and the property. All taxes and insurance has been payed way even before the due dates. I have shown proof that there we were showing the home to interested buyers. Our Agent is wonderful. We have been in contract selling the home.
Champion is very well aware of the contract. They went ahead and filed foreclosure documents on the home after they promised our attorney they would back off. They contacted HUD and HUD and they cut the real estate agent's lock box of the railing and entered the home with the house keys. While they were in my home a squirrel got in and caused damage. They left with the keys the lock box and the door knob. What the hell??? They are horrible people. We are in contract and hoping to close in two weeks. I’m telling you DON'T even consider doing a Reverse Mortgage. I am planning on suing them for harassment. Besides mourning the loss of our dear mother and doing everything properly I have been totally harassed. Borrower beware!!!
Save yourself and your family. Horrifically terrifying experience!!! They want you to fail and sell your property out from under you with their SNEAKY ways and when you do everything correct they find something wrong so they can foreclose. Letters of intent are not even read and answered. If you are handling an estate BEWARE.
Don't allow anyone to get a reverse mortgage unless they obtain in writing that the account will never under any circumstance be sold to Champion. Their duplicity in our experience was in my opinion was criminal.
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I am handling my uncle’s estate, and this reverse mortgage company has been a nightmare from the start. One week after his death, a local agent was at his door. Every two weeks there is a new urgent demand on his door, even though we have been in constant contact with the company. The house is now in the process of being sold, and I cannot for the life of me get a payoff figure for the closing. Absolute horrible customer service and very frustrating to say the least.
Champion Mortgage sent a refund check in my deceased mother’s name. I contacted them in Dec of 2018, told them the check couldn't be deposited and asked could they reissue the check made out to the estate of my mother. It's now the end of April 2019 and no check has been reissued, just one excuse after the other. After reading other post, and looking at the dates; it's really troubling that this company is still in business. Shame on Champion Mortgage and the banks our love ones trusted that not only sold their reverse mortgage, but added to the pain and grief caused by losing a loved one. UNBELIEVABLE!!!!
In reading the comments that have been recorded, I find these individuals are telling the truth. However, in as much as we don't want to believe it, when our love ones make a decision to borrow off of their equity, it's not a great thing. I still don't understand, why do you have to pay interest on something that you already owe. The equity has been paid for and you have to pay interest on what you have already invested in. It's the entire system. This is not a great program at all. At the end of the game the family end up having anything. I feel all that is being said because I myself is going through the process right now. I did all I could to communicate to the company. My mother passed away on October 22, 2018. It was a difficult situation. All we need to do is to write HUD who is the one that has the rules and regulations regarding the reverse. We have to defend our cause in a class action suit against the company.
How can these people sleep at night? Our family home fell into foreclosure and we were given a date of public sale. However NO notice ever went on the home or any verbal/written communication in regards to when we needed to vacate the home. We come home to a locked home as we are trying to get our things out! As if the situation isn't stressful enough, now our personal items are locked in by this company! We were threatened not to be on the premise or we will be arrested! No one would return our calls or help us to be able to retrieve our things! Then, a for sale sign goes up!! Thank GOD for the realtor as she helped us! Karma is a real ** and I hope this company gets what they deserve!!!!
My mother got a reverse mortgage and when she passed away last year we were told we had time to sell. We were given 6 months from Oct. 2018 but just found out they foreclosed and sold the house at auction with no notification to the executor of the estate. Illegal practices going on here to take homes from unsuspecting average families. Run while you can.
Champion Mortgage Company Information
- Company Name:
- Champion Mortgage
- United States
- (866) 654-0020