The “HECM Choice” Offers Consumers More ChoicesMonths after unveiling their new reverse mortgage product, the “HECM Choice,” Reverse Mortgage Funding has announced that it has expanded the HECM Choice to include all payment options at origination.When the HECM Choice was first announced, it was the first fixed rate reverse mortgage product in the market after the changes that were implemented at the end of September 2013. Until then, all reverse mortgage products were adjustable, offering little options and flexibility to consumers who were looking for fixed options.The HECM Choice, which came into play on December 2013, offered consumers a fixed rate reverse mortgage, where, after taking out 60% of their principal limit at closing, the rest of the funds would be disbursed throughout a minimum of 4 years via tenure or term payments.Presently, the HECM Choice now gives borrowers the option to access their full principal limit in a lump sum, if they chose to. In the end, the new HECM Choice gives borrowers all the payment options available to them with the added benefit of a fixed rate.Joe DeMarkey, director of product development, stated in an article published by Reverse Mortgage Daily:“For originators, this means simplicity. these are exactly the same payment plans offered with adjustable-rate loans. And for homeowners, it truely means they can have the secuirty of a fixed-rate loan, plus greater flexibility.”As I’ve said before, the reverse mortgage industry has been missing a fixed-rate option for some time now and the new HECM Choice seems to be one of the solutions to the gap in the market. While most adjustable-rate reverse mortgages offered all payment options, the same could not be said for fixed-rate reverse mortgage loans, even before the changes.Not only is the fixed-rate reverse mortgage loan coming back, it’s coming back even better than ever. Consumers need options, they crave it. As a consumer myself I like to have as many options available as possible so that when I go with one product, it’s because it fits my situation perfectly and gives me what I want–not just because there is nothing else available to me.The HECM Choice is living up to its name, giving consumers as choices as possible, no matter what.If you want more information on the reverse mortgage program give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.comWe do not pressure those who inquire. We are simply here to help.