You own your home for as long as it serves as your primary residence. You also retain the right to sell your home and keep any proceeds exceeding the amount still owed on your reverse mortgage.
The reverse mortgage must be repaid in the event of any of the following:
- All borrowers permanently move out of the home.
- The last surviving borrower fails to live in the home for 12 consecutive months, sells the home or passes away.
The borrowers fail to pay property taxes or insurance.
(Unless the borrower has an approved reimbursement workout plan.)
- The borrowers let the property deteriorate beyond what is considered reasonable wear and tear, and do not correct the problems.
Qualified written requests:
Under the Real Estate Settlement Procedures Act, a qualified written request is a written correspondence, other than notice on your payment coupon or other payment medium supplied by us, regarding the servicing of your loan which includes your name, account number, and your reasons for the request. Any qualified written request you wish to submit must be sent to:
room Champion Mortgage, P.O. Box 612877, Dallas, TX 75261
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Friday 7 a.m to 5 p.m (CST)
Corporate Headquarters: Champion Mortgage, P.O. Box 612877, Dallas, TX 75261