How do I enter income from taking a reverse mortgage?
I currently have about $57K in mortgage. In about 4 years, I plan to take a reverse mortgage, using the proceeds to pay off the mortgage and then spending the remainder as needed. How should this be entered? I thought of just using special expenditures and special receipts, but that doesn't eliminate the monthly mortgage payment I have today. I also thought of using First Change in home by showing the sale and subsequent purchase of a new home with no loan. Please advise. Also, is there a way to model using a monthly payment from the reverse mortgage provider vs. taking a lump sum payout? Thx