Systems and methods related to lifetime mortgages

Details Systems and methods related to lifetime mortgages Systems and methods related to lifetime mortgages

2011-07-05

2011-07-05

Oyebisi, Ojo O (Department: 3695)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

07974917

ABSTRACT:
The present invention relates to a mortgage having a forward portion and a reverse portion. In the forward portion, the borrower receives a loan from a lender in order to purchase or refinance a property, such as a home. In the reverse portion, the property has accumulated sufficient equity to enable the lender to disburse funds back to the borrower. The present disclosure describes various computer systems and computer-implemented methods that assist in planning for this type of mortgage. Various factors may be considered, such as, the home value, ages of one or more borrowers, and an expected mortgage interest rate that may be used to calculate a reverse portion loan-to-value ratio. Then, considering the existing forward portion loan balance, different scenarios for conversion from the forward portion to the reverse portion of the mortgage may be calculated and presented. For example, one or more forward mortgage payment schedules may be calculated and future reverse mortgage timing and capacity may be presented. In some embodiments, the reverse mortgage capacity is used to pay some or all of the forward mortgage portion.

REFERENCES:
patent: 5689649 (1997-11-01), Altman et al.
patent: 5903879 (1999-05-01), Mitchell
patent: 5991745 (1999-11-01), Kiritz
patent: 6012047 (2000-01-01), Mazonas et al.
patent: 6985886 (2006-01-01), Broadbent et al.

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