Reverse mortgage loan calculation system and process
US5991745A · kind A · utility
Assignee
Inventor
Key dates
| Filing date | Jan 22, 1997 |
| Grant date | Nov 23, 1999 |
| Priority date | — |
| Expiry date | Jan 22, 2017 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/03
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and process of calculating monetary payments by a lender to a borrower based on the value of an asset using at least one of a plurality of constants stored in look-up tables. The process includes inputting borrower information such as borrower birthdate or age. Property specific information is input, such as appraised property value. Equity share information is also input. With the Equity share information and borrower age, the process looks-up a tenure conversion factor from a look-up table. The loan type is input as one of tenure, line of credit, and modified tenure and appropriate variables are set accordingly. The principal limit factor is read from a look-up table and the original principal limit is calculated to be equal to the principal limit factor multiplied by the appraised property value. Next the net principal limit is calculated as the original principal limit minus costs. The loan is then calculated--if tenure, then the monthly payment equals net principal limit times tenure conversion factor, if line of credit, then the net principal limit equals the line of credit, and if modified tenure, then net line of credit equals net principal limit minus (monthly pay…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.