How can I set up and track a reverse mortgage account in any version of quicken? [edited] (5 Votes)

I currently have 2012 Deluxe, but would be willing to upgrade to a more current version, if it will provide the functionality I need. 

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  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited October 2018

    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. 
  • Unknown
    Unknown Member
    edited September 2018
    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.
  • Quicken_Tyka
    Quicken_Tyka Alumni mod
    edited November 2019

    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.

    Hey Robert,

    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
    ~~~***~~~
  • Unknown
    Unknown Member
    edited November 2019

    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.

    support reverse mortgages. absolutely! (Rant Redacted)
  • rljensen
    rljensen Member ✭✭
    support reverse mortgages
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited March 2020

    Vote on Ideas!

    A Community Moderator changed this discussion to an Idea.
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    Everyone, including the person who initiated this discussion …
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  • atpoole
    atpoole Member ✭✭
    add reverse mortgage
  • yes ADD support for reverse mortgages or add support for loans which do not require payments 
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited April 15
    yes ADD support for reverse mortgages or add support for loans which do not require payments 
    Support 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
    [updated 4/15/21, UKR, to add reverse mortgage related text]
  • traceyirvin
    traceyirvin Member
    Would like to be able to track my reverse mortgage on Quicken
  • UKR
    UKR SuperUser ✭✭✭✭✭
    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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