Home Equity Line of Credit

[Chuck Leven]

I have just upgraded to Money Deluxe 2006 from Money Deluxe 2004. In the
2004 version, home equity lines of credit were treated as "credit cards" for
account purposes. I understand that in the 2006 version, one can classify
an account as a "home equity line of credit" account. My question is, how
can I convert my current "credit card" home equitly line of credit account
into a real "home equity line of credit" account in Money 2006? The "home
equity line of credit" does not appear in the drop down list of "types of
account" when I try to change the account details for my home equity line of
credit account.

Thanks to all.

 

[Dick Watson]

Where did you come by this understanding? What are you expecting to be
different?

 

[Chuck Leven]

I guess I'm not really expecting anything to be different, but Money 2006
"Help" says that you can open a Home Equity Line of Credit account by going
to Bank, then selecting "other" for type of account, and then selecting
"home equity line of credit". I haven't actually tried that, because I
don't want to open a new account, I just want to have my current account
reflect that it is a Home Equity Line of Credit account rather than a credit
card account. In practical terms, I understand that the account would work
the same way. I guess I'm just a purist...

 

[Dick Watson]

My *suspicion* is that when you cerate a new account, you can tell it this
and it substitutes Credit Card since there is no difference under the covers
but the user doesn't know that when Money is asking the question. So it lets
you tell it want you know and does with it what it will. Try it in a
temporary file. Cerate a File|New. Select all of the choices to skip useless
caca like Passport setup and the new file Account Setup stuff. Add a new
account. Tell it no institution and you want to keep track of all
transactions. See where that leads you. Assuming you somewhere along the
lines get to tell it it's a HELOC type, check the details of the account at
the end. What type is it?

Can you change it's type in Account Details???

 

[Chuck]

OK, I'll try that.

No, I can't change the type to HELOC in account details; it doesn't give me
that option...

 

[Dick Watson]

Changing type or HELOC as one of the types?

 

[Chris Cowles]

My *suspicion* is that when you cerate a new account, you can tell it this
and it substitutes Credit Card since there is no difference under the
covers
but the user doesn't know that when Money is asking the question.

You are correct. It's kinda like "Credit Card Payment: X" vs "Transfer: X".
The difference is cosmetic.

Some users have the impression that you can't associate an asset with the
HELOC account. You can't from the HELOC account, but you can associate the
HELOC with the asset, from the asset account details page.

 

[Dick Watson]

Of course, that's another thing you can tell Money that it really doesn't
seem to do much of anything with.

 

[Chris Cowles]

Of course, that's another thing you can tell Money that it really doesn't
seem to do much of anything with.

It's used in the Lifetime Planner. If you sell the asset it assumes paying
off the loan secured by it.