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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 12B-25

NOTIFICATION OF LATE FILING

SEC FILE NUMBER 0-18249

FORM 10Q

FOR QUARTER ENDED: NOVEMBER 30,1996

PAINEWEBBER INDEPENDENT LIVING MORTGAGE FUND, INC.
(Exact name of registrant as specified in its charter)

1285 Avenue of the Americas, 19th Floor, New York, NY 10019

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (212) 713-4449

PART II - RULES 12B-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

____       (a) The reasons  described in  reasonable  detail in Part III of this
           form could not be eliminated without unreasonable effort or expense;

  X        (b) The subject annual report,  semi-annual report, transition report
           on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion  thereof,  will
           be filed on or  before  the  fifteenth  calendar  day  following  the
           prescribed  due date; or the subject  quarterly  report of transition
           report on Form 10-Q,  or portion  thereof  will be filed on or before
           the fifth calendar day following the prescribed due date; and

____       (c) The  accountant's  statement  or other  exhibit  required by Rule
           12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Quarterly Report on Form 10-Q of PaineWebber Independent Living Mortgage Fund, Inc. (the "Registrant") will not be completed by January 14, 1997, the last day for a timely filing of such Quarterly Report for the quarter ended November 30, 1996.

Additional time is required in order to enable the Registrant to file a complete and accurate report. The Form 10-Q will be filed on or before January 21, 1997, in accordance with Rule 12b-25(b).

PART IV - OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification:

Thomas W. Boland (617) 439-8138

(2) Have all other periodic reports under Section 13 or 15(e) of the Securities Exchange Act of 1934 or
Section 30 of the Investment Company Act of 1940 during the preceding 12 months (or for such shorter) period that the registrant was required to file such reports) been filed? If answer is no, identify report(s). X Yes ---- No

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? _____ Yes X No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

PAINEWEBBER INDEPENDENT LIVING MORTGAGE FUND, INC.
(Name of registrant as specified in its charter)

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 13, 1997                         By:  /s/ Walter V. Arnold
      -------------------                          --------------------
                                                   Walter V. Arnold, Senior
                                                   Vice President
                                                   and Chief Financial Officer