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How to Live Off Inheritance

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Part of the video series: How to Organize Income & Assets

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Summary: Make the most of your inheritance! Learn how to live off your inheritance in this free video on organizing personal finances, income, and assets.

Views: 510 | Tags: money, finance, income, counseling, financial, assets, financial planning

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About the Expert

Brett Staggs Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major bank... read more

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Video Transcript

How to Live Off Inheritance

Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan, if you happen to be a person who is living off of an inheritance you have received, it is very important to keep all of your documentation. And if it happened to be from a will, make sure you have a copy of that will. That will be extremely important in getting approved for a home loan. Now there is many forms of inheritance, it is not just a bulk sum that a grandfather or an uncle may have left you. Although that works just fine. But other forms of inheritance can be if someone leaves you their pension which happens pretty often. If you have a father who worked and he retired, had a pension, he left it to you, you are going to want to have a lot of documentation. Unfortunately for inheritance the documentation is also ten times more than you would normally have to give with just a normal job, blah, blah, blah. So you have your inheritance whether it be pension or from a will, make sure you have the documentation sourcing where that is coming from. And then all documentations following and your bank statements because obviously they are going to want to see that money and where it is going and they will use that as your income. So make sure you are just very safe with those all documents, keep them in a file, scan them into your computer, those will be the life blood of an approval for you in getting a home loan.

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