Another mortgage scamhas come to light, this one based in Knoxville TN, and predominately prayed on the elderly and retirees across several southern states.
They said they invested money from the equity in their home with the understanding that their remaining mortgage payments would be paid by Benchmark, and that the investors would also receive dividend income.
When the mortgage payments from Benchmark suddenly stopped, the investors said, they were unable to reach anyone with Benchmark who could provide answers.
A federal source familiar with the investigation said the investors include many elderly and retirees from states across the Southeast.
From reading the article, it sounds as if the so-called investment firm was offering the chance to invest the equity of their homes, in a loosely designed reverse-mortgage type scheme.
The letter from IRS investigatorsto known potential victims includes the following businesses:
- Benchmark Capital, Inc.
- Benchmark Capital Investments, LLC
- J. Allen and Associates, Inc.
- Charles D. Candler (a.k.a. C.D. Candler)
- Cornerstone Mortgage
- Southern Bankers
If an investment firm contacts you about investing the equity of your home with them, the first thing to do is check with the Tennessee Department of Financial Institutions, to see if they are indeed licensed to do business in this state.
If you are considering a reverse-mortgage, please talk to your preferred lender first! Perhaps start with your financial institution or your mortgage servicer. Here are some additional reverse-mortgage facts.
Please folks, be careful out there! Beware the Scam!