Community Discussion: Linking Home with Existing Mortgage as Asset for HELOC
Found at:
First: in Quicken, a HELOC loan is normally created as a Credit Card account. No other Quicken Account type comes as close to approximating a HELOC account as a Quicken credit card account.
Second: When a Quicken asset account already has a Quicken liability account linked to it, the only way to link an additional liability account to that asset account, is to initiate the process from the "new" (the "unlinked") liability account.
Third: A Quicken credit card account, while definitely a "liability" account, cannot 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 initiated 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 (a Quicken credit card account) to a house account that already has a mortgage loan linked to it is:
1.) open the Quicken House account and link the new HELOC (credit card) loan account to it - replacing the existing mortgage loan account link with a link to the HELOC loan account 2.) open the original Quicken mortgage loan account (which is now unlinked) and link it to the Quicken house account [Last Community post: July 17, 2023 @ 4:00PM]