Community Discussion: Linking Home with Existing Mortgage as Asset for HELOC
Found at:
This topic is a bit more complex than the original poster or SuperUser UKR seem to realize.
SuperUser UKR says, "At this time, you cannot link multiple loan accounts to one house account." That's not exactly true: a Quicken asset (house, or other) account can have multiple Quicken liability accounts linked ... if the proper procedure is followed.
[NOTE: the linking of liabilities to assets (and vice versa) takes place on the Display tab of the Edit Account Details dialog for the respective accounts ... except as noted below. To see the impact of the linking of liabilities to assets, see the bar graph (and the accompanying "Account Status") on the Overview dialog of the account.]First: in Quicken, a HELOC loan is always created as a Credit Card account (*). No other Quicken account comes as close to mimicking a HELOC account as a Quicken credit card account.
Second: A Quicken credit card account, while definitely a "liability" account, can not be directly linked to any other Quicken account. In order to link a Quicken credit card (HELOC) account to a house/home asset account, the linking must be done from the house/home asset account.
But the requirement that the HELOC must be linked from the house asset account appears to create another problem.
Only one liability account may be directly linked from a Quicken house/home account ... and often, when a HELOC loan is created, there is already a Quicken mortgage loan linked to the house account.
But that apparent problem can be overcome.
The way to "link" a HELOC loan to a house account that already has a mortgage loan linked to it is:
- open the Quicken House account and link the new HELOC loan (replacing the existing mortgage loan account link with a link to the HELOC loan account)
- open the Quicken mortgage loan account and (re)link it to the Quicken house account
The bottom line here is that I do not think any modification to Quicken is required to deal with the original poster's desire.
[Once again, Quicken, Inc. rushes to "appear" to care about its customers; turning the discussion into a request for a Quicken change when it's likely no change is necessary. In theory, Quicken could add a "link" feature to credit card accounts to make the process slightly simpler and more intuitive - but I believe the time/money to do that would be taken away from other changes that would produce more bang for the buck.]