I have the same problem...
I was talking to one urologist, and he said to me, it is a muscle (nothing to do with the actual penis) that causes the penis to hang down...
He said a surgical procedure can be done to cure it. I asked him if there are any risks, and he said no. I said I do not want more problems from any risk, he reassured me. For now I am waiting to see more on this...
If it comes in the way of sex, then I might opt for the procedure.
It also creates HUGE insecurity for me too... but I am going to research into it deeply, and get a view from another well known doctor...