Methods and systems for financing healthcare expenses with a loan secured by real property

• US 20050177490A1
• Filed: 01/18/2005
• Published: 08/11/2005
• Est. Priority Date: 08/14/2002
• Status: Active Grant

• Current Assignee: John J. Pembroke
• Original Assignee: John J. Pembroke
• Inventors: Pembroke, John J.
• Granted Patent: US 7,933,832 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods and systems provide a loan to a borrower. An identification of real property and a specification of medical and/or healthcare services is received. A total loan value for the real property and specified medical and/or healthcare services is calculated. Approval of the loan secured by the real property for the total loan value is requested. A closing is initiated on the loan at which a customer depository account is funded to provide future funds for payment of the expenses for the medical and/or healthcare services.

Claims

1. A method for providing a loan to a borrower, the method comprising:

receiving, at a host system, an identification of real property and a specification of medical and/or healthcare services;

calculating, with the host system, a total loan value for the real property and specified medical and/or healthcare services;

requesting, with the host system, approval of the loan secured by the real property for the total loan value; and

initiating, with the host system, a closing on the loan at which a customer depository account is funded to provide future funds for payment of expenses for the medical and/or healthcare services.

2. The method recited in claim 1 wherein the loan is also secured by the specified medical and/or healthcare services.

3. The method recited in claim 1 wherein approval of the loan comprises:

initiating an appraisal of the value of the property with the specified medical and/or healthcare services; and

calculating a back-end ratio that omits consideration of separate payment of the expenses by the borrower.

4. The method recited in claim 1 further comprising designating funds in the customer depository account as a prepaid asset linked with the real property, whereby the funds in the consumer deposit account comprise a real-property interest.

5. The method recited in claim 1 wherein:

the loan comprises a mortgage; and

the borrower is a buyer of the real property.

6. The method recited in claim 1 wherein:

the loan comprises a refinance mortgage; and

the borrower is an owner of the real property.

7. The method recited in claim 1 wherein:

the loan comprises a home-equity loan or a home-equity line of credit; and

the borrower is an owner of the real property.

8. The method recited in claim 1 further comprising initiating payment of the expenses when due.

9. The method recited in claim 1 wherein at least some of the expenses comprise periodic expenses, the method further comprising periodically initiating payment of the periodic expenses.

10. The method recited in claim 1 further comprising initiating foreclosure against the real property and against the customer depository account in response to a default by the borrower on terms of the loan.

11. The method recited in claim 1 further comprising initiating a release of the customer depository account for a benefit of a new purchaser of the real property while maintaining an association of the customer depository account with the real property.

12. The method recited in claim 1 further comprising initiating a transfer of funds remaining in the customer depository account to a new property purchased by a current owner of the real property after a sale of the real property.

13. The method recited in claim 1 further comprising increasing a value of the customer depository account by depositing funds provided by the borrower after closing into the customer depository account, whereby a useable term of the customer depository account for payment of the expenses is extended.

14. The method recited in claim 1 further comprising transmitting over a network from the host system a specification of terms for the loan to permit the borrower to select the loan from a plurality of loans with specified terms.

15. The method recited in claim 1 further comprising:

receiving a specification of products and/or services distinct from the medical and/or healthcare services,

wherein;

calculating the total loan value comprises calculating the total loan value for the real property, the specified medical and/or healthcare services, and the products and/or services distinct from the medical and/or healthcare services; and

the customer depository account is funded to provide future funds for payment of the expenses for the medical and/or healthcare services and for payment of expenses for the products and/or services distinct from the medical and/or healthcare services.

16. The method recited in claim 15 wherein the customer depository account comprises a plurality of customer depository accounts, each of the plurality of customer depository accounts being identified with a distinct subset of the products and/or services and the medical and/or healthcare services.

17. The method recited in claim 16 further comprising effecting a transfer of funds among at least some of the plurality of customer depository accounts.

18. The method recited in claim 15 wherein the customer depository account is segregated for separate tracking of funds identified with distinct subsets of the products and/or services and the medical and/or healthcare services.

19. The method recited in claim 18 further comprising changing an identification of the funds among the distinct subsets.

20. The method recited in claim 1 wherein the specification of medical and/or healthcare services comprises specification of a term for the medical and/or healthcare services.

21. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system for a bundling lender, the computer system including a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the computer system to provide a loan to a borrower in accordance with the following:

receiving an identification of real property and a specification of medical and/or healthcare services;

calculating a total loan value for the real property and specified medical and/or healthcare services;

requesting approval of the loan secured by the real property for the total loan value; and

initiating a closing on the loan at which a customer depository account is funded to provided future funds for payment of expenses for the medical and/or healthcare services.

22. The computer-readable storage medium recited in claim 21 wherein the computer-readable program further includes instructions for:

initiating an appraisal of the value of the property with the specified medical and/or healthcare services; and

calculating a back-end ratio that omits consideration of separate payment of the expenses by the borrower.

23. The computer-readable storage medium recited in claim 21 wherein the computer-readable program further includes instructions for initiating foreclosure against the real property and against the customer depository account in response to a default by the borrower on terms of the loan.