Methods, systems, and products for adjusting loans after closing
Methods, systems, and products are disclosed for adjusting a loan. The loan is secured with collateral. A line of credit and/or a schedule of future payments is established, usually at closing. After closing of the loan, the line of credit and/or the schedule of future payments may be adjusted based on a value of the collateral and a balance of the loan.
1 . A method for adjusting a loan, comprising:
securing the loan with collateral;
establishing at least one of i) a line of credit and ii) a schedule of future payments; and
after closing of the loan, adjusting the line of credit and the schedule of future payments based on a value of the collateral and a balance of the loan.
2 . The method according to claim 1 , further comprising accessing an actuarial calculation based on at least one of i) a life expectancy of a borrower, ii) how long a borrower will live, and iii) how long the borrower will occupy the collateral.
3 . The method according to claim 1 , further comprising obtaining the value of the collateral.
4 . The method according to claim 1 , further comprising at least one of i) adjusting for set-asides and ii) adjusting for fees.
5 . The method according to claim 1 , further comprising receiving the balance of the loan and adjusting for interest.
6 . The method according to claim 1 , wherein adjusting the line of credit and the schedule of future payments is performed at least one of i) periodically and ii) at a lender's discretion.
7 . The method according to claim 1 , further comprising suggesting to perform the adjustment.
8 . The method according to claim 1 , further comprising evaluating a suggestion to make an adjustment and, based on a parameter, at least one of i) alerting a lender to make an offer and ii) making the offer to a borrower.
9 . The method according to claim 1 , further comprising calculating a new line of credit and comparing to an original line of credit.
10 . The method according to claim 9 , wherein when the new line of credit exceeds the original line of credit, then adjusting the line of credit available to the borrower.
11 . The method according to claim 1 , further comprising automatically paying at least a portion of the line of credit to a borrower.
12 . A system for adjusting a loan, the system operative to:
secure the loan with collateral;
establish at least one of i) a line of credit and ii) a schedule of future payments; and
after closing of the loan, adjust the line of credit and the schedule of future payments based on a value of the collateral and a balance of the loan.
13 . The system according to claim 12 , further operative to access an actuarial calculation based on a life expectancy of a borrower.
14 . The system according to claim 12 , further operative to access an actuarial calculation based on at least one of i) how long a borrower will live and ii) how long the borrower will occupy the collateral.
15 . The system according to claim 12 , further operative to obtain the value of the collateral.
16 . The system according to claim 12 , further operative to receive the balance of the loan and adjust for interest.
17 . The system according to claim 12 , further operative to perform the adjustment at least one of i) periodically and ii) at a lender's discretion.
18 . The system according to claim 12 , further operative to suggest to perform the adjustment.
19 . The system according to claim 12 , further operative to evaluate a suggestion to make an adjustment and, based on a parameter, at least one of i) alert a lender to make an offer and ii) make the offer to a borrower.
20 . A computer program product storing processor executable instructions for:
securing a loan with collateral;
establishing at least one of i) a line of credit and ii) a schedule of future payments; and
after closing of the loan, adjusting the line of credit and the schedule of future payments based on a value of the collateral and a balance of the loan.