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Loans - (Reverse Mortgage)

Orig User

Quicken Classic Premier, Using Windows 11

I've been tracking my Reverse Mortgage in Quicken Since June 2010. Tracking in Quicken has been Working Great until two months ago.

Set-Up:

The Reverse Mortgage Transaction was originally set-up as a regular loan, using Interest Rate, Loan Amount and Monthly Payment set at Zero. The Transaction was also set-up to Automatically Enter monthly. I had to do nothing; it just happened.

Reason this Transaction is now failing:

Quicken Loan Set-up procedure & criteria was changed several months ago, Forcing Monthly Payment to be greater than Zero and Payment Amount has to be greater than monthly Interest Charge.

WHY?

[Edited - Readability]

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Comments

Quicken Kristina

Hello @Orig User,

Thank you for reaching out to the Community with this question. To assist with this issue, please provide more information. If you have the loan amount, monthly payment, and interest set to 0, then what values are you tracking? What was the automatic reminder posting in your register(s)? Is the automatic reminder no longer posting to the appropriate register(s)? If it is no longer working, when did it stop working and what happens if you try to edit the reminder?

When I tried to replicate the issue you describe, I did see the same behavior, but it doesn't look like a recent change. I tried reverting to earlier versions of Quicken, all the way back to R46.9 (January 2023 update), and saw the same behavior.

I look forward to your response!

[Deleted User]

For reference, I have attached the FAQ on Reverse Mortgage setup on Quicken -

https://community.quicken.com/discussion/7795176/faq-reverse-mortgage-in-quicken

The FAQ doesn't explicitly say to set up a loan account for the reverse mortgage. This FAQ was originally written a while ago so it may have been edited since then for functional changes in Quicken.

Maybe the author of the FAQ @Tom Young might be able to provide some further insight on Reverse Mortgage setup in Quicken.

Chris_QPW

From what I know quicken has never supported reverse mortgages in it's loan setup.

If you look at the FAQ on this. You'll see that it is making entries outside of the loan setup system.

As for what has changed, I suspect that the change was made years ago, but since the loan had been set up even farther back, the reminders and stuff just kept working. Until something caused you to have to reset it. And now you're getting the new setup which was actually the very old set up.

As for why the change was made, I would suspect that by leaving the entries completely open, the loan calculator was allowing setups that actually would be incorrect. And as such at one point they they decided to button it down to what they considered reasonable. And as I said, I've never seen any indication that reverse mortgages have ever been supported and therefore they wouldn't have thought of that when changing the system.

Orig User

Comments to all Responses:

1961: First Reverse Mortgage…Reverse mortgages were approved as valid financial activity in 1988 when President Ronald Reagan signed the reverse mortgage bill into law. This legislation allowed for the issuance of Home Equity Conversion Mortgages (HECMs) under the FHA.
I assumed Loan Criteria was changed recently because my Auto Reverse Mortgage Transaction Failed to process in June 2025
The Criteria used when setting up the Transaction in 2010 was as follows:

Opening Date:6/18/2010

Original Balance: $311,040.00

Current Interest Rate: 5.490%

Compounding Period: Monthly

Payment Schedule: Monthly

Current Balance: $311,040.00

Monthly Payment: 0.00 Zero

The automaticreminder is no longer posting to the appropriate register starting June 2025. Worked A-Okay for 14 Years
Unable to edit Reminder because Monthly Payment will not accept 0.00
I have not done any thing to reset Quicken. I did not realize the Transaction was missing until finalizing June 2025 financials.
In my situation, what I set-up in June 2010 worked just fine for 14 years.
Can the community suggest Quicken consider looking into supporting Reverse Mortgages.

I really appreciate everyone’s feedback.

For now, I’ll manually calculate the Interest amount..

Thank you all

Ron- Quicken user since Nov 1990

Quicken Kristina

Thank you for the follow-up,

Based on the information you provided, it sounds like sometime over the last 14 years, Quicken changed to no longer allow a monthly payment of $0, and it became a problem only when the reminder stopped automatically posting to the appropriate registers.

To request that Quicken add support for reverse mortgages, I recommend creating an Idea Post. Ideas that get enough votes may be implemented in the future. For information on creating an Idea Post, please review this post:

https://community.quicken.com/discussion/7849425/creating-and-voting-for-ideas-in-the-community

If you want to try troubleshooting the issue with the reminder no longer posting to the proper registers, then I recommend that you try restoring a backup from before the problem started, then test to see if the issue is resolved in that newly restored file.

I hope this helps!