HOME OWNERSHIP PAYMENT SYSTEM AND METHOD

• US 20070011084A1
• Filed: 05/02/2006
• Published: 01/11/2007
• Est. Priority Date: 07/07/2005
• Status: Active Grant

• Current Assignee: CMG Mortgage Services
• Original Assignee: CMG Mortgage Services
• Inventors: George, Christopher
• Granted Patent: US 7,627,509 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system and method for providing a line of credit to a mortgagee, while simultaneously paying off the mortgage loan of the mortgagee, by setting up an integrated account comprised of funds periodically deposited therein by the mortgagee with mortgage payment means associated with the account for paying down the mortgage. The account provides a line of credit to the mortgagee based on the equity the mortgagee has in the predetermined value of the property covered by the mortgage, and means are provided for withdrawal of funds from the account by the mortgagee.

Claims

1. A system for providing a line of credit to a mortgagee, while simultaneously paying off the mortgage loan of the mortgagee, comprising:

an integrated account comprised of funds periodically deposited therein by said mortgagee;

mortgage payment means associated with the account for paying down the mortgage of said mortgagee;

said account providing a line of credit to said mortgagee based on the equity said mortgagee has in the predetermined value of the property covered by said mortgage; and

means associated with said account for allowing withdrawal of funds from said account by said mortgagee.

2. In the system of claim 1, wherein said means for allowing withdrawal of funds includes funds withdrawal limiting means for allowing said withdrawal up to said line of credit.

3. A method for providing the payoff of a loan of a mortgage holder in an expedited manner comprising the steps of:

setting up an integrated account, comprised of funds periodically deposited therein by said mortgage holder;

paying down the mortgage of said mortgage holder with funds withdrawn from said account;

providing a line of credit to said mortgage holder based on the equity said mortgage holder has in the predetermined value of the property covered by the mortgage of said mortgage holder; and

providing means associated with said account for the withdrawal of funds from said account by said mortgage holder other than for paydown of said mortgage.

4. The method of claim 3, wherein the step of providing means for the withdrawal of funds includes the step of providing means for the withdrawal of funds up to the line of credit of said account.

5. The method of claim 4, including the step of determining the amount of money that would be saved by said mortgage holder in paying down said mortgage in an expedited manner prior to depositing funds into the said account.

6. The method of claim 5, wherein the step of determining the amount of money includes the step of factoring in the current monthly income of said mortgage holder, the anticipated monthly debts other than said mortgage of said mortgage holder, and miscellaneous other monthly expenses anticipated by said mortgage holder to determine the approximate amount of money that would be saved by said mortgage holder on a monthly basis.