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 including instructions that are operable on a processor readable medium 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 including instructions that are operable on a processor readable medium that contains information regarding terms of a life insurance policy that is intertwined with the mortgage, wherein the terms of the insurance policy include 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 including instructions that are operable on a processor readable medium that tracks interest payments made on the mortgage and associates therewith potential proceeds and/or value of the insurance policy, wherein the mortgage principal equals the life insurance death benefit and further wherein a cash value buildup over the term of the mortgage covers the mortgage principal during a predefined period of time and sufficient capital is accumulated to pay off the mortgage at the end of the mortgage term.
1 Assignment
0 Petitions
Accused Products
Abstract
Methods and systems for structuring a single financial product that combines mortgage and insurance. Periodic payments of mortgage interest are made during the existence of the mortgage and a guarantee of principal repayment is from an insurance policy at the end of the mortgage term. The proceeds from the insurance policy are reserved to pay the principal on the mortgage. A financial planning product for prospective and active homeowners is provided, and an investment product for individual and institutional investors. Mortgage interest rates for homeowners are reduced over the predetermined mortgage period while maximum financial protection to preserve the home for the family is provided.
29 Citations
26 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 including instructions that are operable on a processor readable medium 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 including instructions that are operable on a processor readable medium that contains information regarding terms of a life insurance policy that is intertwined with the mortgage, wherein the terms of the insurance policy include 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 including instructions that are operable on a processor readable medium that tracks interest payments made on the mortgage and associates therewith potential proceeds and/or value of the insurance policy, wherein the mortgage principal equals the life insurance death benefit and further wherein a cash value buildup over the term of the mortgage covers the mortgage principal during a predefined period of time and sufficient capital is accumulated to pay off the mortgage at the end of the mortgage term. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A method for reducing mortgage payments on a mortgage and operable in conjunction with an insurance policy, which is intertwined with the mortgage, the method comprising:
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executing a first set of instructions operable on a processor readable medium that include information regarding terms of a mortgage, wherein the terms include a principal amount of a mortgage, and an interest rate for the mortgage; executing a second set of instructions that are operable on a processor readable medium that include information regarding terms of a life insurance policy that is intertwined with the mortgage, wherein the terms of the insurance policy include 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 executing a third set of instructions that are operable on a processor readable medium that tracks interest payments made on the mortgage and associates therewith potential proceeds and/or value of the insurance policy, wherein the mortgage principal equals the life insurance death benefit and further wherein a cash value buildup over the term of the mortgage covers the mortgage principal during a predefined period of time and sufficient capital is accumulated to pay off the mortgage at the end of the mortgage term.
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Specification