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CHAMPION REVERSE MORTGAGES
Reverse Mortgage Holders Accused of Using Home Inspections to Take Advantage of Senior Citizens
Some reverse mortgage lenders, including Champion Mortgage Company and others in the business, are accused of using deceptive and aggressive business practices to take advantage of elderly homeowners. One of these reverse mortgage lenders, Champion Mortgage, has been accused of using automated software in order to trigger repeated, unreasonable, and unnecessary property inspection requests —costing homeowners additional fees each and every time.
About Reverse Mortgages
Also known as Home-Equity Conversion Mortgages, reverse mortgages allow older, cash-strapped homeowners to borrow against the equity in their homes while still continuing to live in them.
Homeowners 62 or older are eligible to apply for and receive reverse mortgages, and no payments are owed to the lender as long as the homeowner continues to live in the property.
The homeowner is required to pay taxes, insurances, and maintenance costs for the home —while still being able to keep the title to the home.
However, if a borrower finds that they are unable to keep up with the regular payment of taxes or insurance, the loan can be considered defaulted —allowing the mortgage company to file for foreclosure on the property. When that occurs, the mortgage company may begin ordering “drive-by” property inspections, generally limited by law to once every 30 days.
Champion Mortgage Company is Accused of Using Automated Software to Charge Fees
Champion Mortgage Company uses automated software to order repeated, unreasonable, and unnecessary property inspections as a way to charge excess fees to these customers. In many instances, homeowners are being charged for these drive-by inspections several times each month without the notice required by the reverse mortgage agreement. The costs of these excessive inspections are added to the total amount of the reverse mortgage loan, resulting in a homeowner’s diminished less equity in the property.
While many elderly homeowners may find reverse mortgages to be an easy solution for fast cash, the predatory nature of reverse mortgage lenders charging for excessive property inspections is something that no homeowner can adequately prepare for.
Champion Mortgage Company and other reverse mortgage lenders:
- Breach the terms of the reverse mortgage contract;
- Violate the covenant of good faith and fair dealing, a mandate of all contracts under most states’ laws;
- Fail to adequately provide advanced notice of these inspections;
- Use these “inspections” as a profit center to take advantage of reverse mortgage holders that may not understand what they are being charged for.
If you currently have a reverse mortgage with Champion Mortgage Company or another reverse mortgage lenders, you maybe eligible to receive compensation as a result of this mortgage lender’s predatory and deceptive business practices. To learn more about your legal options or to schedule a free Reverse Mortgage Lawsuit consultation with a class action attorney from our firm, call (215) 278-4449. We represent homeowners in Pennsylvania, New Jersey, and throughout the United States.