Uniform Transfers to Minors Act (UTMA) accounts are owned by a minor, even though a parent or other adult acts as custodian. Once the minor reaches the age of majority (18 in most states), the funds belong to him/her. There are no tax penalties for withdrawals for any purpose—before or after the age of majority. However, custodians are subject to legal restrictions on the use of the funds. And financial institutions may impose penalties for early withdrawals from CDs or fees in other situations.
Charges to the homeowner at the time of the loan. A point is equal to 1 percent. Depending on the type of loan, points may be currently deductible or amortized over the life of the loan.