Home ownership payment system and method

  • US 7,627,509 B2
  • Filed: 05/02/2006
  • Issued: 12/01/2009
  • Est. Priority Date: 07/07/2005
  • Status: Expired due to Fees
First Claim
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1. A system for providing an integrated line of credit mortgage account and checking account to a mortgagor, while simultaneously paying off the mortgage loan balance of the mortgagor, comprising:

  • an integrated account consisting of a line of credit mortgage having a line of credit account balance and integrated with a dedicated checking account having a checking account balance independent of said line of credit account balance comprised of funds periodically deposited therein by said mortgagor;

    mortgage payment means associated with the integrated account paying down the mortgage balance of said mortgagor upon depositing of funds into said integrated account therein to debit the checking account balance by the amount of funds automatically moved and crediting the line of credit account balance;

    said integrated account providing both a line of credit account, secured by the mortgagor'"'"'s property and based on the equity said mortgagor has in the predetermined value of the mortgagor'"'"'s property, and an integrated checking account to said mortgagor with said integrated account providing for said funds to be deposited into said checking account of said integrated account;

    said integrated account having means for moving said funds simultaneously and automatically from said checking account into said line of credit account of said integrated account after the depositing of said funds into said checking account;

    means associated with both said line of credit account and said checking account allowing withdrawal of funds from said integrated account by said mortgagor in order to pay other living expenses by automatically transferring funds from said line of credit account to said checking account to fund withdrawals or debits from said checking account to credit checking account balance and debit the line of credit account balance by said transfer amount.

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