Receiving Substantial Inheritance Pay off Mortgage/Real Estate

[Laramie Allen]

My wife and I have been extremely blessed over the years. We recently have received substantial inheritance. We plan on consulting our financial advisor as well well but looking for brainstorming here also. Currently have an ARM on our primary it just increased this year with a mortgage payment of $2400/month and balance of $250K. We have tossed the idea of paying off our mortgage on primary which would free up those funds monthly. And taking out a HELOC or something of that nature to build spec homes. Option 2# We have contemplated instead of paying off mortgage we use those funds strictly to building spec houses pulling a small % of profits to pay towards extra mortgage payments on primary. Option 3 # leave the money in the market all together and go to a find a lender that we could show that we have X amount sitting in a trust account and they give us a loan to build a spec house. Looking for your thoughts on this.

Thanks,