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About Champion Mortgage
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Champion Mortgage specializes in reverse mortgages, a special type of loan that allows borrowers 62 or older to convert equity in their home to cash. The company doesn't require monthly payments, and the loan doesn't have to be paid back until after the borrower no longer lives in the home. Champion Mortgage was an early servicer of reverse mortgages and has been lending since 1997.
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Overall Satisfaction Rating
- 5 stars0
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- 1 stars63
- Direct deposit available
- 23 years of experience
- Live phone support
- Difficult to close account
- High fees
Champion Mortgage has a long history as a reverse mortgage lender. The company provides direct deposit options and live customer support. It requires no monthly payments, but its fees are high.
About Champion Mortgage
Champion Mortgage is a part of Nationstar Mortgage LLC and offers a medium-scale selection of reverse mortgage options. The company functions like most traditional reverse mortgage lenders but offers some modern tools and options, like direct deposit.
Like most reverse mortgages, you remain the owner of your house, and the mortgage will not need to be paid back until after you pass away. However, there are a few reasons the loan may need to be collected before the standard due date — such as moving out of your home permanently, not paying property taxes or home insurance or if the home’s condition deteriorates into disrepair.
Champion Mortgage also offers deed in lieu and short sale options.
Champion Mortgage rates and fees
Champion Mortgage charges more additional fees for its services than other reverse mortgage lenders. Along with the fees listed here, a more comprehensive list of Champion fees and costs are available on its website.
- Payment plan change: Up to $50
- Servicing fee: Up to $35
- Appraisal: Up to $820
- Property inspection: Up to $60
- Property preservation (lawn care, etc.): $30 to more than $2,500 per event
- Foreclosure costs: $100 to $5,225 per action
Champion Mortgage FAQ
- What was the Champion Mortgage class-action lawsuit?
- In 2016, a $5 million class-action lawsuit was filed in federal court against Champion Mortgage by older homeowners who claimed the company charged them for illegal and unnecessary home inspections.
- 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 does Champion calculate total loan amounts?
- The Federal Housing Administration and the Department of Housing and Urban Development 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?
Champion Mortgage has been in the industry for 23 years as of publishing, and it doesn't require monthly borrower payments. Its parent company, Nationstar, merged with WMIH Corp. in 2018. It's now part of Mr. Cooper Group, one of the largest home loan servicers in the U.S. Though the company was involved in a class-action lawsuit in 2016 and its fees can be high, it might be worth looking into if you're in need of a reverse mortgage without monthly payments.
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I found out my Dad had a reverse mortgage that was sold by Wells Fargo to Champion. After researching his case I called today to confirm my understanding, with the most important question being "for how many more months would he receive monthly checks?" The customer service agent said 'the rest of his life' almost 10 times. I was shocked at how poorly trained he was and how angry he was becoming when I asked him to repeat that information. I called back 5 minutes later and the next agent said "10 more months." I told her what I was told 5 minutes previous and she said a supervisor would call me back. That was 6 hours ago.
I feel so bad for the people who dont have a child like me who can research and ask focused questions that point out how little the representatives on the phone actually know---while looking at the file. My Dad could have made life-changing, horrible decisions at 84 based on this misinformation, which the man arrogantly repeated over and over and over. Someone needs to do an expose on them.
I will not write a long drawn out essay. Champion Mortgage operates as Nationstar and they are down right treacherous. There are 2 class action suits against them. You are not crazy they have violated the rights of many consumers and foreclosed on many homes because of it.
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About 10 yrs. ago we took out reverse mortg. with bank of america. We were given $29,000. A few yrs. later we were notified boa sold our rev. mortg. to Champion mtg.. As of 12/31/2019, our balance on mortg. is $91,048.12. Over three times the amount we owed. Outrageous fees charged monthly. Example; in 2019, charged interest of $260.--$309.76 per mo., service fee $25.00 per mo., $36.--$37.--per. mo. Monthly ins. premium. I just got a 2019 annual statement from champion. Showing for year 2019. They charged us total $4,352.55. In fees. This is outrageous.
My husband and I fell on hard times in 2012 and applied for a reverse mortgage with Met Life. We found out on the day of the closing that our mortgage had been sold to Champion. There were many things we had been told that we found out at that closing were not true. We were told there would be a small requested check at closing, and it took another week for that to happen. We paid our insurance and property taxes without fail up until last year when we were $5000 in arrears. Champion paid the tax bill and is foreclosing our home next month.
I asked about a repayment plan and they said yes, this was possible. However it appears that they have a system whereby they set a limit on this based on how much your mortgage is. We were told we weren't eligible to do this. I was even told we could refinance our mortgage through them and an application would be sent to us. A week later I called because I hadn't received the application. Once again another agent told me it would be sent that day. Another week went by and this time the agent I spoke with said that I had been misinformed. Champion was not in the business of refinancing mortgages.
My husband and I are in our mid 70s. He has diabetes, congestive heart failure, and cancer. He is undergoing 8 hours of chemotherapy each week. He's quite ill, exhausted, and weak. I broke my back three years ago and arthritis has settled in making even light housework too painful. Our only income is social security. We're going to be evicted next month and neither of us is capable of moving. We have no family. Champion has been told this, but they don't care.
As others have noted, you DO NOT want to do business with Champion Mortgage. It has been over a year since I gave Champion Mortgage all the info they needed to process our deed in lieu (for my aunt's property after she passed away) and they STILL have not completed everything we need. They sat on the paperwork for over 6 months till I harassed them enough to move.
Then, after we had a closing, their title lawyers said we needed additional paperwork from the courts indicating that we are allowed to submit a deed in lieu. My lawyers had never heard of this requirement in the past. Meanwhile the estate builds up lawyer fees, property taxes bills, water tax bills, etc. all while having no access to the property (they locked it up). FIND ANOTHER COMPANY TO WORK WITH!!! REALLY!!! I wish I could give them zero stars!!!
On 11/22/2019 an employee from Champion Mortgage told me she had fronted my 2019 property taxes. She said if I don't pay champion Mortgage back immediately my Reverse Mortgage would be in default and Champion Mortgage would take my house away. I called the Victoria County Tax Office that said Champion Mortgage never did pay my property taxes. This is an example par excellence of Mortgage FRAUD which is a "MISREPRESENTATION." Don't ever trust Champion Mortgage!
They send very aggressive men out to take pictures and I caught the guy trying my doors to get in. I complained at police Dept but I have to catch him. They must have an email to lodge a complaint. I need a paper trail. Do you have an email for Champion. I cannot find one. This man is scary. Not comfortable being here alone.
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!!!
Champion Mortgage Company Information
- Company Name:
- Champion Mortgage
- United States
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