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Started By
Message
Adoption - Financing Rates
Posted on 5/5/17 at 8:33 am
Posted on 5/5/17 at 8:33 am
My wife and I have decided that we are going to begin the adoption process here in the near future. The research I've done thus far shows anywhere from 30-40k average after it's all said and done. Looking at financing options vs. paying cash. By the time we would actually have to write a big check, we will most likely have extra cash set aside, but I want to see about a loan in case the process goes quicker than expected. Not wanting to take a huge hit to my emergency fund and take home an infant at the same time.
Any insight from those of you who have been through this process would be great. Will I have to use a bank that specializes in Adoption financing, or can I just shop around for any type of un-secured loan?
Any insight from those of you who have been through this process would be great. Will I have to use a bank that specializes in Adoption financing, or can I just shop around for any type of un-secured loan?
9
Posted on 5/5/17 at 8:59 am to Jblac15
Never gone through it, but pretty sure there are numerous non-profits out there that offer adoption financial assistance. Would imagine they may offer better rates than a bank can, but no idea.
Also, many companies offer their employees adoption assistance. May be worth a shot to check with yours if you haven't already.
Also, many companies offer their employees adoption assistance. May be worth a shot to check with yours if you haven't already.
Posted on 5/5/17 at 11:29 am to Jblac15
quote:
anywhere from 30-40k average
wow, it really costs this much to adopt?
Posted on 5/5/17 at 12:42 pm to Jblac15
I second looking into company benefits.
Posted on 5/6/17 at 2:59 am to Jblac15
I know nothing about adoptions. However, I know Lightstream offers loans for medical/adoption purposes.
Posted on 5/8/17 at 2:09 pm to Jblac15
Why is it so expensive? Who's making the money? Government?
Posted on 5/8/17 at 2:22 pm to Jblac15
And to think we pay some people to have future voters... I mean kids.
Posted on 5/9/17 at 9:50 am to Jblac15
quote:
My wife and I have decided that we are going to begin the adoption process here in the near future
Congratulations.
quote:
30-40k average
Correct.
quote:
Any insight from those of you who have been through this process would be great
I have been through the process multiple times. My suggestions from these experiences:
1. I strongly suggest using an agency (volunteers of America, catholic charities, etc) vs a private attorney. Most agencies offer some protection for your money in that if the adoption falls through, whatever expense you have incurred goes towards the next time. Usually with a private adoption if the birth mother changes her mind at any point until the paperwork is final, your money is lost.
2. The tax incentive is a tax credit, which is different than a deduction. I have not had an adoption since the rules were tweaked in 2013 but the credit is a nice offset to the cost.
3. I am not aware of any special financing options for adoptions but a HELOC or similar might offer the best rate and simplest process if available to you.
4. The wait is excruciating, especially for the first child. It gets a little easier the next time. However, despite the process and cost, it is undoubtedly one of the most worthwhile experiences you can undertake.
Best of luck to you.
Posted on 5/10/17 at 11:25 am to Jblac15
Don't forget about the federal tax credit. 13k
Posted on 5/28/17 at 8:14 am to Jblac15
This has been a very mind opening post. The wife and I have toyed with the idea of adoption for a few years. After our first daughter was born we had a lot of issues going for #2. We went through several miscarriages and we were at the point where we were ready to move towards adopting and then she ended up pregnant. We thought that notion was gone with the birth of daughter #2, but it still comes up occasionally. I think at this point we know that deep down we want to adopt.
It's one way I know I can get that future fishing/hunting buddy for next time
It's one way I know I can get that future fishing/hunting buddy for next time
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