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Sunday, July 8, 2018

SGI Gift Annuity Agreements scam

SGI Gift Annuity Agreements is the same as a reverse mortgage, the biggest scam to come down the pike since Ponzi: 

Gift Annuity Agreements -- The donor transfers cash, securities or property to SGI-USA now and SGI-USA agrees by contract to pay the donor a fixed income for life. This annuity is qualified for an income tax deduction. In addition, part of the annual income paid to you by SGI-USA also qualifies for an income tax deduction. 

Of course the SGI would latch onto it: 

...reverse mortgages are products specifically designed for and targeted to senior citizens, the population group most vulnerable to fraud; 
...scam artists know that a reverse mortgages provide the senior homeowner with relatively easy access to a sizable pool of cash; and, 
...reverse mortgages are harder to understand than traditional mortgages making it easier for the scam artist to confuse and take advantage of victims.

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