Livonia, Mich. – July 21, 2010 – One Reverse Mortgage LLC, the nation’s third largest reverse mortgage lender, today announced it will move its Livonia, Michigan, headquarters to downtown Detroit. The company, and 110 team members, will move to the Compuware Building and share space with its sister companies, Quicken Loans Inc., Fathead and In-House Realty. The move is expected to take place sometime late this summer.
“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. Those making the move include mortgage bankers, as well as operations, technology and marketing team members.
Growing in popularity in recent years, reverse mortgages offer homeowners over the age of 62 the opportunity to convert a portion of the equity in their home to tax-free cash, while also eliminating the need for monthly mortgage payments. The program has been particularly helpful to those who have seen their retirement investments shrink as a result of the economy, are at risk of losing their homes due to an inability to make monthly payments or are looking to defer taking Social Security benefits early in their retirement.
“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.”
Companies that have previously announced their move to downtown’s new economy, technology corridor, WEBward Avenue, (transforming Woodward Avenue into WEBward Avenue) later this summer include:
Quicken Loans Inc.
One Reverse Mortgage
To learn more about One Reverse Mortgage, please visit www.onereversemortgage.com.
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About One Reverse Mortgage LLC
One Reverse Mortgage LLC is the nation’s third largest retail provider of reverse mortgage products allowing homeowners age 62 and older to convert some of their home equity into tax-free cash without having to sell their home. One Reverse Mortgage was founded in 2001, operates in 43 states across the U.S. and is a Quicken Loans company.
About Quicken Loans Inc.
Quicken Loans Inc. is the nation’s largest online retail mortgage lender and the fourth largest overall retail home lender in the United States. The company closed more than $25 billion in retail home loan volume across all 50 states in 2009. Quicken Loans employs more than 3,000 full-time team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. Quicken Loans also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. “QuickenLoans.com” has been named “Best of the Web” by Forbes and Money magazines. Quicken Loans has been named to Fortune magazine’s list of the country’s “100 Best Companies To Work For” seven consecutive years, ranking as high as #2. Quicken Loans has also been named in the top 15 of Computer World magazine’s “100 Best Places To Work In Technology” for six years in a row. Quicken Loans will be moving its headquarters and 1,700 full-time team members to downtown Detroit in the summer of 2010. For more information about Quicken Loans, please visit www.quickenloans.com.
About Rock Holdings Inc.
Rock Holdings Inc. is the parent company for several financial services related businesses. These client-focused and technologically-driven companies include Quicken Loans, the nation’s largest online home lender and its One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. employs more than 3,500 team members and will be headquartered in downtown Detroit beginning in the summer of 2010.