Inhereted IRA/Investment accounts

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  • #48789
    msm407
    Member

    I’ve recently inherited an IRA and Brokerage account, and want to use the funds to buy down my interest rate. Will I be able to do that without NACA giving me a hard time?

    #74546
    Ace864
    Participant

    I think you can try doing it.

    #74560
    bellaahihwalsh
    Participant

    I don’t see a problem either

    #74561
    TTrumble
    Member

    Hello msm407,

    Why would we give you a hard time about having come into some money and using it to improve your life? 🙂

    Since it’s an inheritance, it means you probably lost someone dear to you and we are sorry for your loss. However, it’s also a blessing that they were thinking about you future when they expressed their final wishes.

    Worst case scenario is you will have to provide documentation verifying the source of the funds. That’s not us requiring it by the way, that’s actually the Feds. When the Dodd-Frank Act was passed after the crash in 2007 it included a significant tightening of anti-money laundering regulations. So a sizeable lump sum such as an inheritance may need some documentation to simply prove the money is from a legitimate source.

    You will still be limited to the five point maximum that the buyer is allowed to contribute to the buydown, but otherwise, you should be fine.

    Tim Trumble
    Online Operations, NACA

    #74575
    AlRoss0908
    Participant

    As you can see there wasn’t any significant issue with that. Besides, you always need to keep some proof about your income and financial statement.

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