HECM Choice Now Available to Principal Agents and Brokers
Underwriting begins for Reverse Mortgage Funding’s new partial draw, fixed rate HECM
Melville, N.Y., January 8, 2014 — Reverse Mortgage Funding LLC announced today that HECM Choice — its new partial draw, fixed rate Home Equity Conversion Mortgage (HECM) product — is now available to principal agents and brokers.
This is the latest step in Reverse Mortgage Funding’s rollout of HECM Choice. At the time of the product’s launch last month, HECM Choice was immediately available only to approved correspondent lenders with a phased approach to launch to wholesale and principal agents in January.
“The introduction of HECM Choice to the industry has been successful, the launch has gone as planned, and the product is available today to all lenders,” said David Peskin, president, Reverse Mortgage Funding. “We are pleased to bring HECM Choice to a broader base of homeowners through the addition of principal agents and brokers.”
“HECM Choice is a win for the borrower, the industry, and for business partners,” said Mike Mooney, national sales manager for the third-party channel, Reverse Mortgage Funding. “It offers borrowers a fixed rate HECM that does not require them to withdraw all of their available loan proceeds at closing. Borrowers are given the benefits of a fixed rate HECM, but with the flexibility that has historically been offered only with an adjustable rate HECM loan. It is fully compliant with FHA guidelines, and like all FHA insured HECMs, Choice offers the borrowers all payment options. HECM Choice provides an outstanding product alternative for our business partners.”
For a 5-minute tour of HECM Choice, visit https://partners.reversefunding.com/products.
About Reverse Mortgage Funding LLC
Reverse Mortgage Funding LLC was established in July 2012 and is led by industry veterans Craig Corn, Robert Sivori, and David Peskin. These executives have an average of more than 15 years of experience in building and, most importantly, growing firms in the industry. The company has offices in New York and New Jersey. Learn more by calling (877) 820-5314 or visit partners.reversefunding.com.