One of the biggest hurdles on the road to adoption is finding the necessary funds. While the adoption tax credit and employer benefits can help after the fact, many readers came up with creative ways to raise the money before they adopted. Here, we’ve compiled their best ideas for covering the cost of adoption ahead of time.
Tapping Assets, Taking Loans to Cover the Cost of Adoption
A kind banker organized a total re-finance of our house at a lower interest rate. For our second adoption, we had the chance to save and prepare (having a lower mortgage payment helped), and our banker wrote up a short-term note for a revolving line of credit “just in case.” If you go to a “hometown bank” (not part of a big national chain where employees are usually not given much leeway) they will usually bend over backwards to help, especially when you tell them why you need the loan. People want to be nice and helpful — especially when it comes to something as wonderful as an adoption! —Jean and Steve, Minnesota