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AssigneeBank of America Corporation
InventorsDavid H. Rupp, Colin D. McCormick, Cherie A. Arruda, Lisa D. Curry, Michael Teichman
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A convertible, home-equity based financial product is disclosed. Example embodiments of the invention provide a home loan that can be converted into a reverse mortgage, also known as an “equity release” product. In example embodiments, the product can be set up so that there is a low or no-documentation requirement upon conversion. Conversion can be triggered upon a request from the borrower, or upon some other event. The proceeds from the conversion can be provided in many different ways, for example, as a lump sum, an investment, a line of credit, or a scheduled pay-out. The proceeds from the equity release can also be distributed so as to be used in purchasing a residence, for example, a second or vacation home.
A computerized method of providing a reverse mortgage comprising:
A non-transitory computer readable medium having stored thereon a computer program code, the computer program code including instructions which, when executed by a processor, cause the processor to perform the method comprising:
A non-transitory computer readable medium having stored thereon a computer program code, the computer program code including instructions which, when executed by a processor, cause the processor to perform the method comprising:
Dependencies are inferred from the claim text.