Orange-based American Advisors Group Inc. has opened a mortgage operation in Folsom, where it expects to employ 80 professionals by the end of this year.
This will be a conventional mortgage and home equity office for American Advisors, which is the nation’s largest issuer of reverse mortgages, said Paul Fiore, chief sales officer.
American Advisors, which was founded in 2004, mainly focuses on offering reverse mortgages for seniors. In a reverse mortgage, a homeowner relinquishes equity in their home in exchange for regular payments, often to supplement retirement income.
The firm is known for its television advertising, which in the past has featured the late actor Peter Graves and the late U.S. Sen. Fred Thompson. American Advisors’ current spokesman is actor Tom Selleck.
However, for many of the clients brought in by those ads, a reverse mortgage isn’t the best product, Fiore said. The new Folsom operation will market conventional mortgages. The company plans to keep its conventional mortgage operation separate from its reverse mortgage operations, which are in Long Island, New York, Atlanta and Austin, Texas.
American Advisors chose the Sacramento region for the new office because of the depth of mortgage industry talent here, Fiore said.
“Expanding to Sacramento gives us access to a tremendous talent pool of experienced mortgage professionals, as well as sales professionals that we can train,” he said.
The company is currently training new hires in Folsom, Fiore said. American Advisors expects to have 30 people in its national call center there by the end of this quarter, and 80 employees in Folsom by the end of the year.
The new office is in 11,000 square feet at 80 Iron Point Circle. The company worked with its real estate partners, Voit Real Estate Services and brokerage Cushman & Wakefield, on the site selection process before deciding on the turnkey lease offered by KW Commercial, Fiore said.