Champion Mortgage provides reverse mortgages for customers who qualify. Champion is a division of Nationstar Mortgage, LLC, as stated by the Champion Mortgage website. Customers should be aware of their responsibilities and how this type of mortgage loan works.Continue Reading
Customers who are interested in taking out a reverse mortgage with Champion Mortgage should be aware that this loan is not something that never has to be repaid. It eventually has to be repaid when the last borrower leaves the home or passes away. This means that heirs are responsible for paying back the loan; however, heirs may ask for a six-month to one-year extension to repay the loan back. This can be done by selling the home or by simply repaying the loan. These options depend on what type of reverse mortgage loan a customer has taken out.
Customers are still responsible for paying their taxes and insurance on the home and keeping the home in good repair, according to ChampionMortgage.com. The mortgage company can request an inspection of the home to make sure that it is in the correct shape to qualify it for the loan.
Customers who take out a reverse mortgage with Champion may be out of the home for up to 12 months consecutively without ending the mortgage and having to repay. They must verify their occupancy once a year and notify the mortgage company if they plan to be gone more than two months in a row so that statements can be mailed correctly.Learn more about Credit & Lending