The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Sep. 13, 2011
Filed:
Nov. 15, 2006
David H. Rupp, Charlotte, NC (US);
Colin D. Mccormick, Charlotte, NC (US);
Cherie A. Arruda, Arlington, MA (US);
Lisa D. Curry, Warwick, RI (US);
Michael Teichman, Medfield, MA (US);
David H. Rupp, Charlotte, NC (US);
Colin D. McCormick, Charlotte, NC (US);
Cherie A. Arruda, Arlington, MA (US);
Lisa D. Curry, Warwick, RI (US);
Michael Teichman, Medfield, MA (US);
Bank of America Corporation, Charlotte, NC (US);
Abstract
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.