One Reverse Mortgage will move most of its staff to downtown, part of the growing number of Quicken Loans subsidiaries taking up residence in the Compuware building later this summer.
The Livonia-based firm is bringing 110 staff with it, leaving on a few people at its San Diego office. The company is bringing mortgage bankers, techies and marketing people. It has added about 40 people over the last year and expects to create another 20 to 30 jobs in its first year in downtown Detroit.
"Not only are we moving to Detroit, but we will be adding people when we get there," says Jay Farner, CEO of
One Reverse Mortgage.
One Reverse Mortgage offers homeowners 62-years-old or older the ability to convert the equity in their home into tax-free cash. It has been aggressively growing in the emerging market for the last few years. Last year it was the fifth-largest of these companies and is now ranked third. It hopes to be No. 1 within the next 2 to 3 years. "There are probably only a few thousand loans a month between us and the top guy," Farner says.
Source: Jay Farner, CEO of One Reverse Mortgage
Writer: Jon Zemke
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