The Champion Mortgage Company offers reverse mortgage products to borrowers who meet its loan qualification criteria. In addition to the monthly payments of a traditional reverse mortgage, the company offers a line of credit to customers who want to withdraw and deposit funds, according to the Champion Mortgage website.
The Champion Mortgage Company offers common services such as issuing monthly payments to the mortgagor, ensuring oversight of tax and insurance payments, and closing and terminating mortgages. The company also offers additional services, including the setup of a direct deposit for customers who submit a voided check at the time of signing the loan, according to the Champion Mortgage website. In the event that a mortgagor is unable to pay property taxes or applicable insurance premiums, the company offers Deed in Lieu, payoff and sale options.
Reverse mortgages are products offered to borrowers who are more than 62 years old and meet a lender's application criteria. This product is different from a traditional mortgage in two significant ways. First, the borrower continues to hold title to the property, and second, it is the lender who pays the borrower based on the equity of the home, according to the National Reverse Mortgage Lenders Association.