Mortgage management system and method
First Claim
1. A system for reducing mortgage payments on a mortgage and operable in conjunction with an insurance policy, which is intertwined with the mortgage, the system comprising:
- a first module that contains information regarding terms of a mortgage, wherein the terms include a principal amount of a mortgage, and an interest rate for the mortgage;
a second module that contains information regarding terms of a life insurance policy that is intertwined with the mortgage, wherein the terms of the insurance policy information about proceeds of the insurance policy, the premium amount to be paid for the insurance policy, and the beneficiary of the life insurance policy; and
a tracking module that tracks interest payments made on the mortgage and associates therewith potential proceeds and/or value of the insurance policy, wherein the potential proceeds and/or value of the insurance policy are reserved to pay the principal on the mortgage.
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Accused Products
Abstract
A system and method for reducing mortgage payments and operable in conjunction with an insurance policy. The system comprises a first module that contains information regarding terms of a mortgage. The terms include a principal amount of a mortgage, and an interest rate for the mortgage. Further, a second module contains information regarding terms of an insurance policy that is in existence during the life of the mortgage. The terms of the insurance policy preferably include the total amount of proceeds of the insurance policy, the premium amount to be paid for the insurance policy, and the beneficiary of the life insurance policy. Further the invention includes a tracking system that tracks interest payments made on the interest of the mortgage and further tracks premium payments made on the premium amount on the insurance policy. The proceeds from the insurance policy are reserved to pay the principal on the mortgage.
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Citations
18 Claims
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1. A system for reducing mortgage payments on a mortgage and operable in conjunction with an insurance policy, which is intertwined with the mortgage, the system comprising:
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a first module that contains information regarding terms of a mortgage, wherein the terms include a principal amount of a mortgage, and an interest rate for the mortgage;
a second module that contains information regarding terms of a life insurance policy that is intertwined with the mortgage, wherein the terms of the insurance policy information about proceeds of the insurance policy, the premium amount to be paid for the insurance policy, and the beneficiary of the life insurance policy; and
a tracking module that tracks interest payments made on the mortgage and associates therewith potential proceeds and/or value of the insurance policy, wherein the potential proceeds and/or value of the insurance policy are reserved to pay the principal on the mortgage. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system for satisfying terms associated with a real estate mortgage, the system comprising:
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an insurance policy, wherein the insurance policy includes a condition that, when realized, results in a payment of proceeds; and
a real estate mortgage, wherein the mortgage includes terms for payment of interest and for payment of principal, wherein the insurance policy dictates that, upon realization of the condition, at least a portion of the proceeds of the insurance policy is reserved exclusively to fund at least a portion of the principal of the mortgage.
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18. A method for reducing mortgage payments and operable in conjunction with an insurance policy, the system comprising:
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determining terms of a mortgage, wherein the terms include a principal amount of a mortgage, and an interest rate for the mortgage;
determining terms of an insurance policy that is in existence during the life of the mortgage, wherein the terms of the insurance policy include the total amount of proceeds of the insurance policy, the premium amount to be paid for the insurance policy, and the beneficiary of the life insurance policy; and
tracking interest payments made on the interest of the mortgage and further tracks premium payments made on the premium amount on the insurance policy, wherein the proceeds and/or value from the insurance policy are reserved to pay the principal on the mortgage.
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Specification