Personal Savings and Bank Loans
Most families fund their adoption using at least some money that they have saved, either before beginning an adoption or during the process. Some families receive financial help from parents or other relatives. Families also hold some creative fundraisers. A few good ideas include golf tournaments, garage sales, car washes, newspaper stories, raffles, neighborhood yard sales, school projects, bake sales, collections at local grocery stores, collections through a job, or newsletter appeals to friends and family. Families may supplement this money with a loan.
Most banks give home equity loans for adoptions or an equity line of credit with the interest qualifying for tax deduction. Please check with your tax accountant to see if you qualify. Credit unions may also offer a special adoption loan program. You may be able to borrow from the cash value of your life insurance policy. Some families have borrowed from their own 401(k) account and repaid the principle and interest to themselves.
Adoption.com offers an adoption loan service that has a prequalification form and offers the services of Adoption Lending Consultants.
|  |
