How can I set up and track a reverse mortgage account in any version of quicken? [edited] (5 Votes)
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I suggest you create a liability register to track the reverse mortgage and use a reminder to transfer funds from the loan and pay interest, etc. thereby increasing the principle owed. Note: When you sell the home, you'll use the proceeds to pay off the loan.
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Two years later and they still can't get into the 21st century. Reverse mortgages are here to stay and too complex to model as bill.-1
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Hey Robert,Two years later and they still can't get into the 21st century. Reverse mortgages are here to stay and too complex to model as bill.
This thread has been turned into an idea thread so other users can vote to have this functionality added.
Thank you for providing your feedback to the community!
-Quicken Tyka~~~***~~~0 -
support reverse mortgages. absolutely! (Rant Redacted)Two years later and they still can't get into the 21st century. Reverse mortgages are here to stay and too complex to model as bill.
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support reverse mortgages-1
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add reverse mortgage-1
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yes ADD support for reverse mortgages or add support for loans which do not require payments-1
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thebuckinghams said:yes ADD support for reverse mortgages or add support for loans which do not require paymentsSupport for loans other than standard mortgages is already available:
- For money you owe, you create an account of Type = Other Liability and name it something like "Money I owe to John Doe" or "My Reverse Mortgage".
Set the Opening Balance to 0.00
The check or cash you received from John Doe or the mortgage company is deposited to your checking or cash account and categorized as if it was a transfer to the liability account, [Money I owe ...]. Your liability account should now show a negative balance in the amount received. - For a loan you made to somebody else, a.k.a. Lender Loan, you create an account of Type = Other Asset and name it something like "Loan I made to Pete S.". Again, set Opening Balance to 0.00
Withdraw the money you gave Pete S. from your checking or cash account and record it as if it was a transfer to the asset account, [Loan I made ...]. Your asset account should now show a positive balance in the amount you gave Pete S. - In the event that payments are made or come in for these types of loans, simply record them as a transfer between checking (or cash) and the loan account. Correctly recorded, the loan account's balance will move closer to 0.00
1 - For money you owe, you create an account of Type = Other Liability and name it something like "Money I owe to John Doe" or "My Reverse Mortgage".
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Would like to be able to track my reverse mortgage on Quicken-1
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traceyirvin said:Would like to be able to track my reverse mortgage on Quicken
You can do so now. Just read my earlier comment in this discussion and follow instructions.
What, exactly, is it that you can't do with Quicken as it is right now?
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Yes Please! Support reverse mortgages. Time to update the thinking behind Quicken. Accountant vs UserR . R. Hynds, Jr.-1
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This is not working for me. It seems to want to include a monthly principle amount and there is none since it is all interest adding to the total loan balance. Too bad there is not just an option to add a reverse mortgage, I expect there are many Quicken users that have them. Finance of American shows up but not Finance of America Reverse.-1
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The ability to track a Reverse Mortgage, and the ability to track an Interest Only mortgage (with or without payments to the loan) already exists!Read @UKR's reply of February 11.Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
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