My husband died a few years ago. My child (<18 yrs old) and I currently receive social security survivor benefits, and I am his representative payee.
I paid off the house mortgage using my own savings to save interests. Now I wonder it is legal for me to charge my child a monthly rent from his social security money.
By doing so, there will be less money shown as "saved" on the representative payee report.
Is there any regulation on SSA website regarding this?
I am talking about charging rent from a minor. It may sound bad. However, look it this way. If I had not paid off the mtg from my savings, then it is fair to share the mtg with him, since I provided a shelter. The SSA will say nothing seeing I divide the mtg payment between him and me.
The main reason is that I don't want to show a big sum of money saved on the RP report when he turns 18, I heard SSA will require the money back. Some people may say SSA will re-issue the money to him, but I doubt how wise a 18 year old is with money if a large sum of money is given to him when he turns 18. I want to use the saved money for his college.