Jason A. Smith | The Valdosta Daily TimesMichael Weltman, American Adivisors Group area sales manager, talks with Jia Lu at the Primetime Business Expo. 

VALDOSTA — American Advisors Group’s Michael Weltman recently relocated his office to downtown.

AAG, known for its commercials featuring actor Tom Selleck, uses a 30-year-old federal program called a home equity conversion mortgage, commonly referred to as a reverse mortgage, to help seniors with their finances during retirement, said Weltman, an area sales manager for AAG.

Weltman learned of the program after studying for his master’s degree in finance at Mercer University, he said. He read about it in a book, and after asking around, no one seemed to know about it.

The reverse mortgage has no payments, Weltman said. The payments are deferred until after the homeowner passes away.

“It’s very much like the debt is just attached to the house,” he said. “The payment doesn’t disappear. All we are doing is giving them a balance.”

If a homeowner uses the program, but still has a mortgage, AAG will convert the mortgage and pay off the loan, he said.

The new balance is broken into payments after the homeowner passes away and the house is left to the children.

Weltman isn’t just selling the reverse mortgage, he and his father utilized it.

His late father received a reverse mortgage loan in 2007, Weltman said.

“We didn’t do anything with the money,” he said. “Later in life he needed to be placed into an assisted-living home. He had no idea what he was going to do with the money when he took the loan out, but he knew he needed more cash on hand.”

Weltman does most of his business as home visits because his clientele is usually older than 65, he said. But he is willing to use technology to video call family, lawyers or CPAs that want to be a part of the meeting.

For Weltman, his job is a way to help people through his understanding of the home equity conversion mortgage.

Weltman’s new office is located in Downtown Valdosta. He moved his office from Tallahassee, Fla. He made the decision to move because he likes the area.

“I like this town; it’s got a good feel to it; it’s a good size,” he said. “We’ve always served this area; I’ve been serving the Valdosta-Thomasville area for 10 years.”

When deciding where to locate his new office, Weltman said he likes the layout of Downtown Valdosta and he can walk to get food, go to the bank or find entertainment.

“I like the walkable downtown,” he said. “Not only is it affordable, but everyone is friendly. I like contributing to downtown and putting more businesses downtown.

“This city reminds me of Savannah without the water. It’s got the old antebellum houses. The trees. I could be the tourist guide for downtown.”

American Advisor’s Group, 223 N. Ashley St., Suite 213, is open 9 a.m.-9 p.m.

For more information, call (850) 556-6694.

Jason Smith is a reporter at The Valdosta Daily Times. He can be contacted at 229-244-3400 ext.1257.