Patent ID: 8321336

Claim:
A computer-implemented lifetime mortgage conversion engine, comprising: a computer-readable medium on which are recorded executable instructions that are capable of being executed by one or more computer processors, the executable instructions causing the one or more computer processors to: (a) receive, by way of a user input module, data associated with a home for which information about a lifetime mortgage is requested; (b) receive, by way of the user input module, data associated with a forward mortgage portion of the lifetime mortgage associated with the home; (c) calculate and display information about one or more possible forward mortgage portions for the lifetime mortgage; (d) receive, by way of the user input module, data about the age of at least one borrower associated with the home; (e) determine if there is more than one borrower associated with the lifetime mortgage and, if more than one borrower is associated with the lifetime mortgage, access a joint ages table to determine a joint life expectancy for the more than one borrower; (f) access information about a principal limit factor available for the home, wherein the principal limit factor is based, at least in part on a life expectancy of the borrower, if there is only one borrower for the lifetime mortgage, and on the joint life expectancy from the joint ages table, if there is more than one borrower; (g) calculate and display, to at least one user of the computer-implemented lifetime mortgage conversion engine, information about a one or more possible reverse portions of the lifetime mortgage, based at least in part on the information about the principal limit factor and on the one or more possible forward mortgage portions for the lifetime mortgage; and (h) determine if the at least one user desires to recalculate the information about the forward mortgage portion and the reverse portion of the lifetime mortgage, and, if the at least one user desires to recalculate the information about the forward mortgage and reverse portions of the lifetime mortgage, then repeat actions (a)-(g).