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Method and system for providing a loan using equity in a new home

a technology for providing a new home and a loan is applied in the field of method and system for providing a loan using equity in a new home, which can solve the problems of increasing the living situation cost of the borrower, and achieve the effect of reducing the cash flow burden of the borrower and increasing the living situation cos

Inactive Publication Date: 2013-12-26
NARAYAN GOVIND +5
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The patent text is about a system and process that helps people who are buying a new home transition to their new living situation without having to make too many payments right away. This is done by allowing the person to make minimal or no payments as long as they keep the home. Overall, this makes the transition smoother and less burdensome for the person.

Problems solved by technology

The transition is associated with an increase in living situation cost of the borrower between a prior living situation cost and a new living situation cost, the new living situation cost including the new home and the services.

Method used

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  • Method and system for providing a loan using equity in a new home
  • Method and system for providing a loan using equity in a new home
  • Method and system for providing a loan using equity in a new home

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Embodiment Construction

[0019]Various shortcomings exist in the context of using the equity in a home to purchase a new home in conjunction with services. These shortcomings include, but are not limited to the following: 1) being able to fund, not only a new home, but the total increased cost of a new living situation, for example fees for a variety of services that are needed / desired in the new living situation; 2) being able to finance and enter into a new living situation prior to the sale of the current home; 3) being able to transition to the new living situation via the execution of a single, simplified process and experience; 4) the ability to incorporate a Home Equity Conversion Mortgage (HECM) provided by the Federal Housing Administration (FHA) into the single, simplified funding transaction; and / or 5) the ability to open up additional new living situation opportunities that borrowers may not be able to consider today and new growth opportunities for builders / property sellers, and in particular b...

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Abstract

Systems and methods are disclosed for financing a transition of a borrower between ownership of a prior home to ownership of a new home in conjunction with services. The transition is associated with an increase in living situation cost of the borrower between a prior living situation cost and a new living situation cost, the new living situation cost including the new home and the services. The method alleviates cash flow burden to the borrower by allowing minimal or no monthly payments for as long as the borrower occupies the home.

Description

RELATED APPLICATIONS[0001]This application claims priority to U.S. Provisional Patent Application 60 / 884,364 filed Jan. 10, 2007 entitled METHOD AND SYSTEM FOR PROVIDING A LOAN USING EQUITY IN A NEW HOME (Attorney Docket No. 52493.485), which is incorporated herein by reference in its entirety.FIELD OF THE INVENTION[0002]The invention relates to funding a new living situation, part of which includes the purchase of a new home, using equity in the new home as collateral.BACKGROUND OF THE INVENTION[0003]Various financial products exist that effect the transfer of funds between equity in a house and liquid assets, i.e., usable funds. For example, a reverse mortgage is a financial mechanism by which a lump sum and / or monthly payments to the owner of a home are financed by using equity in the home as collateral for a non-recourse loan, whereby the borrower is not required to make payments or repay the loan for as long as he, she or they live in the home. In such a reverse mortgage, the b...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q40/02
CPCG06Q40/025G06Q40/02G06Q40/03
Inventor NARAYAN, GOVINDSCARPA, JOSEPH R.ROBINSON, JR., EDWARD L.WUNKER, STEVELEICHTMAN, ALEXDUNCAN, DAVID
Owner NARAYAN GOVIND