How to Model Future ReFi of Current Mortgage?


I plan to retire in approx 3 years and want to model refinancing my mortgage at that time (after having made extra payments during those years). I don't see how to do that in ESP. The primary home section asks for current mortgage and has a section for a change of primary home which assumes selling the current home and buying a new one. But that is not what I want to model. I want the program to reflect my current mortgage but then model refinancing it 3 years out at retirement. How?

How should I model a balloon payment on a mortgage


I'm trying to model a move, including selling my current house and using the proceeds as a balloon payment on a new house mortgage. If I put down a 20% down payment on the Change of Home panel amortized over 15 years, that will get reflected in the housing report. If I increase the the down payment to reflect a balloon payment, the housing report will show a lower mortgage payment, but still over 15 years, whereas in reality a balloon payment will shorten the duration of the mortgage period, but not the contractual monthly payment.

Mortgage Payment in Housing Report


I rolled my information over to 2016 and notice that the annual mortgage payment in the housing report does not equal my monthly mortgage payment x12. It's approximately $1000 less than it should be by my calculation. Note that I did update the mortgage information with mortgage balance and years remaining.

TIA for reply.

How do I sell Real Estate and payoff mortgage?


I can't get this to work or find instructions on how to do it. I want to examine the scenario of selling a property (not my home) in 2016, use the proceeds to payoff the mortgage concurrently, and use the remaining proceeds to pay down a mortgage on a second property. I enter 2016 in item 8 of the real estate general form and the program does sell the property that year. However, I can't seem to get it to payoff the mortgage concurrently with the sales. If I make no change to the mortgage tab, the program appears to continue paying the mortgage for the remaining 22 years.

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.


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