CaMu Financial & Insurance Services, Inc
Deception

My husband and I are retired and trying to provide for my elderly parents' care. They are both in care homes. I needed to find funds to continue their care and decided to do a reverse mortgage on their home. An agent, Rafeek Mikhail (license # OF74425) processed the reverse mortgage and we received $120,000. I asked Mr. Mikhail how we could maximize this money since it would provide for only two years of their care. He enthusiastically recommended investing in real estate rental property. He outlined how much we could eanrn to extend the money to five years. I was concerned that such a high return rate would be too risky but he assured me that our investment was safe because he would provide not just a promissory note, but also a deed to a house in my name that would cover the investment. We received two checks for the promised $5,000 monthly interest. At this time Mr. Mikhail convinced us to refinance our own home at a lower interest rate. We received $40,000 and he sat down and showed us how we could put this in the real estate investment too and pay off our car in two years and make larger mortgage payment and have the house paid off in less than ten years. So, we invested this money also. Then the monthly checks started to come late, and for less than the promised amount. I had to continually call Mr. Mikhail to ask when the money was coming. We received $3,000 for three months and approximately $1,500 once and then the money stopped. Mr. Mikhail suggested that we contact his partner, Mario Gonzalez who is directly involved in the investment through his company, A New Hope. We arranged to meet with him and also to see the house I have the deed to. Mr. Gonzalez said that the economy is making it hard to sell the property and it would be better to not sell it until 2011 and that he would send us $900 every month until that time. We verbally agreed and shook on it. He said he would have his secretary prepare the papers and mail them to us. We never received the papers or the money. My husband called him and told him if we did not receive the money we would file a complaint and Rafeek Mikhail.

Company: CaMu Financial & Insurance Services, Inc
Country: USA

  <     >