- Posted January 26, 2014 by
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Custodial Accounts Money For Your Children Not Your Home Purchase
A Mortgage Gotcha is an item in the approval process that could jeopardize getting approved. Mortgage Gotcha Trivia Question number #1. Do you know the type of Bank account that you can not use?
If you guessed one that is not yours you guessed correctly. The most common mistake is Custodial accounts for children. You can not co-mingle your money with your children's. Even if your child gives you permission after you promised him a pony or a trip to Disneyland the answer is no!
Once the minor is emancipated - becoming an adult the account is considered his or her funds, and no longer custodial. Adults can give permission for you to use their money children can not.- Boston Mortgage Lender & Home Loans