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Adoption
Funding Adoption
So, yesterday we had our initial consultation with the agency. I think it went REALLY well. I more optomistic than ever that we'll be parents!
But after leaving.. the shock of affording it kinda hit us. It wouldn't be so bad if we could manage to sell our other house (we moved to another state due my husband being offered a better job).. but due to the economy have had trouble selling the house. We've decided to rent it, in order to free up funds... But we'll still have some bills and what not to cover for that house.
I can't say that we are struggling financially, but funds are definitely tighter with 2 homes. And I am going to school full time and my hubbie will be starting his Masters degree in January.
We have about half the cost of the total adoption in somewhat liquid assets, but would feel more comfortable knowing we had ALL of it... or at least I would feel more comfortable. Technically we have credit cards, but the agency won't accept those as a payment method.
So I guess after my babbling.. my question is two fold:
1) How much money/percentage of funds did you have to start your process?
2) How/Where did you fund the remaining portion?
I realize that there are grants available.. but am pretty sure with the whole owning 2 homes thing, we wouldn't really be considered as having a "financial need" for a grant.
TIA!!
This discussion has been closed.
Re: Funding Adoption
We actually sold a vehicle to initially pay for IVF, so we have that much saved up. There are loads of grants that you can apply for once you've completed the HS. Plus, there are some companies that offer adoption loans and a lot of them are 0% interest.
If you'd like, I can get the websites for the grants and loans and post them here.
Thanks for understanding.. sometimes I think it "sounds" awful to say "I can't afford" whatever because of the two mortgages. I hear myself say it and think "but you have two houses", even if it isn't by choice.
I called our agency and asked about paying with a credit card and they said that they didn't accept that form of payment.. because if they did, we wouldn't have a problem funding it.
I agree with your chain of thought.. I am usually the same way. What happens is meant to happen and it's God's will. I am not overly religous but truly beleive that there is a plan/path.
My thoughts and prayers are with you and I truly hope that everything goes smoothly for you!! ((Hugs))
I did do some research about loans and grants, but I feel almost guilty applying for them. As I said in my original post.. financially we aren't low income by means, but we are living paycheck to paycheck because of the second house (although I did find out that there are two potential tenants looking at the house --- fingers crossed that someone rents it of Dec. 1st).
But I think even a low interest loan would be something wonderful to consider. Do you know if the companies are reputable?
TIA!!
By the way... good luck with your adoption!!
Your agency doesn't have to take CC for you to pay for the adoption with a CC. We borrowed the money using a cash advance check from a CC - 3.9% for the life of the loan. No bank will give you terms like that. I get these offers in the mail every week - if you have two mortgages, I bet you do, too.
We elected this option because I wanted to maintain all our liquid assets. Plus, we had the cash flow to take on the $30K in debt comfortably. I borrowed the money and put it in a money market savings account. So the net cost of the money is about 2.25% when you take the interest earnings into account. Whenever I need to make a payment to the agency, I transfer the $$ to checking. I pay the agency with my AMEX (I want the reward points) and then pay my AMEX bill with the borrowed/saved dough.
Be forewarned, other posters have indicated that grant funds for adoption have been sparse. Many foundations that provide adoption grants have seen their funding dry up in this economy, so unless you have an extreme financial need, this won't be a reliable option.
I would shop both local and major financial institutions for an unsecured loan with good terms. Many smaller banks are still doing well and have funds to loan. If you are a member of a credit union, they would be a good place to start, as well.
America's Christian Credit Union for loans
Help Us Adopt for a grant
The Orphan Foundation for financial assistance
Show Hope for a grant
This is the mother of all adoption financing websites!
Hope this helps and good luck with your adoption. Don't be a stranger here.
I guess when I thought about a cash advance with a CC, I thought that the interest was astronomical compared to my normal APR. But you're right I do get those crazy checks and just shred them.
I thought the same thing about the grants or lower interest loans.. that they would be for adoptive families that were in greater financial need. Although, funds are tight because of the two mortgages.. I wouldn't consider us having a "financial need".. a timeline need, maybe? Of course we would prefer to continue with the application and get on the waiting list sooner, but I doubt that is even a factor in any of the funding options.
I began looking into our credit union and also our bank that we have our money market/mutual funds with, but with not having a tenant I don't think we can spare the extra funds for the monthly payment on it.
1. We had the match fee available, and figured we could pay the other fees as we went along
2. We were lucky to sell DH's TH, and that's where the $ came from.
This article might be helpful in looking into funding
https://afth.wordpress.com/2009/10/28/how-to-fund-an-adoption/
Good luck!
ok just reading over some of the posts here i wanted to share something with all of you. I know none of us want to use CC's as payment gosh it costs enough with out interest. but if you need to use them for the short term or as a back up plan here is what our agency told us. they suggested call the cc company and ask for convience checks they work like a regular check. our agency will take them and I think they all will if they take checks. I called mine and have them sitting in a drawer as a back up plan in case it comes before i get the money in the account the way i want it.
Other ways we pulled the money we dipped into dh's 401k not ideal but it works. I also took out an adoption loan its at a lower interest rate than a typical loan. I did a search online for them. of course that was before they tightend up the lending policies. It also helped our agency breaks the fees dont so its a small chunck here and a small chunk there its the big chunk at the end that i am worried about.
soem ideas not the way i really wanted to do it but I just dont have that kind of money sitting in a bank account and we were hoping to use the tax credit to pay all of this back. anyone know if that is still an option or is it gone
Mrs. D... that's PERFECT!! I called our CU that we have our CC with and they offer "convenience checks" that are at the same APR as the CC purchase!
Its not a permanent solution.. but it is a "band-aid".
I think we are still going to wait until January, and then we can hopefully have a tenant in the other house and we won't be bleeding funds (or at least as much).
I am sooo excited!!! ((hugs)) xoxoxxo