The scammers will smooth talk their way into having you pay an up-front fee in exchange for loan modification help.
The scams appear to have low interest rates, but in reality will rise substantially over time.
Lenders say this is a type of predatory lending, where non-legitimate companies take advantage of elderly who are living off a fixed income.
They may call or come door-to-door, but mortgage lenders are warning elderly residents to take extra precaution of the environment in which these scammers get you to close a deal.
Local lenders advise residents to ask questions at your local bank or financial adviser if you think you may be getting scammed.