Reverse Mortgage

How would I record a reverse Mortgage?

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Sloed,

    In Quicken, you should setup an "offline" account by clicking on the "Other Assets & Liabilities" tab, and the going to the "Liability" section and clicking on the words "Debts other than loans" (see this SNIP).


    On the next screens:
    Enter the "Name of the account" and click on "Personal transactions"
    Fill in the date the loan started and the principal amount of the original reverse mortgage on the following screen. 
    For the question "Is there a loan for this liability" - you should click "No". 
    Then click "Finish" on the next screen.

    This will setup the loan account.  On a monthly basis - you should use a recurring entry to this new Quicken account to record the monthly interest amount as an increase to the loan principal.

    Let me know how this goes or if you have any followups.

    Frankx

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  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    If you haven't already, you may want to review: FAQ: Reverse Mortgage in Quicken