One Reverse Mortgage is moving the company’s headquarters to downtown Detroit later this summer.
The company said 110 team members will move to the Compuware Building and share space with its sister companies, Quicken Loans Inc., Fathead and In-House Realty.
“It is a great time to move to the city, and to be part of a budding group of new-economy, technology-focused companies that are looking to call Detroit home along the new ‘WEBward Avenue’,” said Jay Farner, CEO of One Reverse Mortgage, which conducts its business primarily over the Internet.
The majority of One Reverse Mortgage’s team members will relocate to Detroit, others will remain in the company’s San Diego, California, offices. “The focus on reverse mortgages is at an all-time high, and as baby boomers continue to reach retirement age, the market is expected to grow dramatically,” Farner added.
“Our move allows us to begin transforming Detroit into a high-tech hub of business and ingenuity,” said Dan Gilbert, Founder and Chairman of Quicken Loans Inc. “We expect additional businesses within our family of companies, as well as other technology companies, to join us in the WEBward Avenue corridor in the near future.”
The company has endorsed 2,215 HECMs during fiscal year 2010 and is the fourth largest reverse mortgage lender in the country according to US Department of Housing and Urban Development data.
One Reverse recently added the “Fonz” as its company spokesperson.