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Should a home equity loan be included as part of the monthly mortgage payment amount in question H4e?

April 26, 2017h4e home equity included loan mortgage payment

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Should a home equity loan be included as part of the monthly mortgage payment amount in question H4e?

1 Answer

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10 Posted

No. Do not report home equity loan payments in question H4e. Return to Top Q: My home is located on our farm. Although it is listed as a separate piece of real estate on the deed, it is not saleable without the surrounding farmland. How do I report this on the Noncustodial PROFILE Application? A: The family should estimate both the value and mortgage debt of the portion of the property that is used as the family home. These amounts should then be reported in question H4. The remaining portion of the farm asset should be reported as farm value and debt in question H7.