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US 5,689,649 AGranted
System for operation of a combination mortgage, equity load and savings plan
OwnerRobert Altman, John W. Cleary +1inventors
InventorsRobert Altman, John W. Cleary, Morris Markowitz
Life of this patent
Estimating the term…
Abstract
A "Nest-Egg" mortgage which combines the benefits of a conventional home mortgage, a home equity loan, and an individual retirement account ("IRA"), including a method and computer system for operating and implementing same.
Claims13
A method, implemented on a computer for implementing a nest egg mortgage plan which comprises:
- determining an amount of mortgage for which an applicant would qualify and a predetermined term of repayment of principal therefor based on conventional lending practices;
- creating an accelerated payment schedule for such mortgage so that the principal is repaid within a shorter time than the predetermined term of the mortgage;
- applying the difference between the accelerated payments and nonaccelerated payments as a source of equity;
- providing an equity loan against the source of equity;
- applying the loan to generate an investment vehicle;
- and automatically computing the amounts for each of the previously recited steps using a computer, whereby amounts placed in the investment vehicle increase over the term of the mortgage while the equity loan and mortgage principal are repaid to by the end of the term of the mortgage, and wherein said applying step further comprises automatically creating an investment vehicle and automatically transferring amounts borrowed from said loan into said investment vehicle.
3 more elements
A computer-based system for operating and implementing a nest egg mortgage plan comprising:
- means for determining an amount of mortgage for which an applicant would qualify and a term of repayment of principal therefor based on conventional lending practices;
- means for creating an accelerated payment schedule for such mortgage so that the principal is repaid within a shorter time than the term of the mortgage;
- means for applying the difference between the accelerated payments and non-accelerated payments as a source of equity;
- means for providing an equity loan against said source of equity;
- means for applying said loan to generate an investment vehicle whereby amounts placed in said investment vehicle increase over the term of the mortgage while the equity loan and mortgage principal are repaid by the end of the term of the mortgage and a computer operatively associated with each of said previously recited means for automatically determining amounts for operating and implementing the nest egg mortgage plan, and wherein said means for applying further comprises means for automatically creating an investment vehicle and means for automatically transferring amounts borrowed from said loan into said investment vehicle.
2 more elements
Dependencies are inferred from the claim text.