Prioritized Distribution of Funds in Reverse Mortgages
AssigneeQuantumReverse Inc.
InventorThomas M. Martignoni
Life of this patent
Estimating the term…
Abstract
Disbursements in an electronic reverse mortgage application may be prioritized. When a borrower applies for a reverse mortgage, the borrower submits the electronic reverse mortgage application. At closing the borrower will receive one or more disbursements (such as cash at closing, a monthly disbursement, and/or a line of credit). The borrower or other user, however, may prioritize the multiple disbursements according to a disbursement priority. The borrower or other user establishes or assigns different disbursement priorities to the cash at closing, the monthly disbursement, and/or the line of credit. Available proceeds of the reverse mortgage are calculated, and then the various disbursements are calculated according to the disbursement priorities.
Claims20
A method for prioritizing different disbursements for an electronic reverse mortgage application, comprising:
- receiving, by a server, inputs to the electronic reverse mortgage application sent from a client device;
- receiving, by the server, an electronic prioritization request sent from the client device, the electronic prioritization request specifying a numerical sequence defining priorities associated with an allocation of the different disbursements for the electronic reverse mortgage application;
- generating, by the server, available proceeds associated with the electronic reverse mortgage application based on the inputs;
- identifying, by the server, software calculators that calculate the different disbursements for the electronic reverse mortgage application, each one of the software calculators evaluating a corresponding disbursement of the different disbursements for the electronic reverse mortgage application;
- and
- generating, by the server, prioritized disbursements as outputs to the electronic reverse mortgage application by sequentially executing the software calculators based on the available proceeds according to the numerical sequence specified by the electronic prioritization request.
A computer for prioritizing disbursements for an electronic reverse mortgage application, comprising:
- a hardware processor;
- and
- a memory device storing instructions that, when executed by the hardware processor, perform operations, the operations comprising:
- receiving inputs to the electronic reverse mortgage application sent from a client device;
- receiving an electronic prioritization request sent from the client device, the electronic prioritization request specifying a numerical sequence defining priorities associated with an allocation of the different disbursements for the electronic reverse mortgage application;
- generating available proceeds associated with the electronic reverse mortgage application based on the inputs;
- identifying software calculators that calculate the different disbursements for the electronic reverse mortgage application, each one of the software calculators evaluating a corresponding disbursement of the different disbursements for the electronic reverse mortgage application;
- and
- generating prioritized disbursements as outputs to the electronic reverse mortgage application by sequentially executing the software calculators based on the available proceeds according to the numerical sequence specified by the electronic prioritization request.
A memory device storing instruction that, when executed by a hardware processor, perform operations, the operations comprising:
- receiving inputs to the electronic reverse mortgage application sent from a client device;
- receiving an electronic prioritization request sent from the client device, the electronic prioritization request specifying a numerical sequence defining priorities associated with an allocation of the different disbursements for the electronic reverse mortgage application;
- generating available proceeds associated with the electronic reverse mortgage application based on the inputs;
- identifying software calculators that calculate the different disbursements for the electronic reverse mortgage application, each one of the software calculators evaluating a corresponding disbursement of the different disbursements for the electronic reverse mortgage application;
- and
- generating prioritized disbursements as outputs to the electronic reverse mortgage application by sequentially executing the software calculators based on the available proceeds according to the numerical sequence specified by the electronic prioritization request.
Dependencies are inferred from the claim text.