HECM Choice Now Offers All Payment Plans at Origination
Allows borrowers to access a fixed rate on the initial balance as well as future draws
Melville, N.Y., February 18, 2014 — Reverse Mortgage Funding LLC announced today it has expanded its HECM Choice product, the industry’s first U.S. Department of Housing and Urban Development (HUD)-insured, partial draw, fixed-rate Home Equity Conversion Mortgage (HECM), to make all payment plan options available at origination. Now HECM Choice allows borrowers to select any payment plan at loan origination, and access the full principal limit.
“We’re offering a fixed-rate loan with the option for borrowers to choose any payment plan at origination,” said Joe DeMarkey, director of product development, Reverse Mortgage Funding LLC. “For originators, this means simplicity; these are exactly the same payment plans offered with adjustable-rate loans. And for homeowners, it truly means they can have the security of a fixed-rate loan, plus greater flexibility. This expansion is designed with borrowers in mind.”
“HECM Choice was the perfect solution for our borrower,” said Teresa Herron, senior vice president and director of reverse mortgage lending, Homeowners Mortgage. “It gave him the flexibility he needed with all the benefits of a fixed rate. The process was very easy and we received our endorsement from the Federal Housing Administration (FHA) with no issues whatsoever. Now, with all payment options available at origination, we see HECM Choice from Reverse Mortgage Funding as an important product in our portfolio.”
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 visiting reversefunding.com.