How to Finance Your Baby Adoption

You want to adopt a baby but you are not sure how you can afford an adoption. Have you considered possible ways to finance your baby adoption? Easy monthly payments can make your adoption dreams come true. There are several financing options, as well as fundraising methods you can use to pay for your infant adoption.

Things You'll Need

• Current Adoption Homestudy
• Home Equity line
• Adoption specific loan
• Fundraising
• Refinance your home

Instructions

1. 

   Take out a home equity line to pay for your adoption in advance before you find your birthmother. This will help you know your adoption spending limit. You will have the funds available so that if an immediate situation arises you will not have to pass up your chance at a baby right now. In addition, home equity lines are income tax-deductible, and have low interest rates around prime if you have good or excellent credit. You can always refinance your mortgage later if you find that making two payments is too much.

2. 

   Check with your adoption agency about banks that offer adoption specific loans. There are banks that offer special rates for adoption. Some agencies have sliding fees based on your income, some even offer payment plans.

3. 

   Do some fundraising for your adoption. The latest in fundraisers involves having a jewelry appraiser over along with friends who want to sell old gold. Friends get their money and you receive a commission. See the link below for more information. Ask local churches and stores if you can have a car wash in their parking lot to raise funds for your adoption. Have a garage sale. Apply for adoption grants, goggle adoption grants, to find out what is available. Send out letters to friends and family to see if any want to contribute to your infant adoption.

4. 

   Take out a short-term personal loan and pay it off with your adoption tax credit. This really depends on your income tax bracket. For those of us in the lower tax bracket there isn't a whole lot of benefit in the tax credit. Although, you can carry it forward for 5 years eliminating your income taxes or increasing your refund.

Tips & Warnings

• Monthly payments don't seem so bad when you are holding your baby.

• Stay within your adoption budget do not overextend your family.

Resources

• Adoption advice and information
• How to Change Your Baby's Diaper in Public
• How to Prepare a Baby Bottle in Public
• How to Host a Sell Your Gold Home Jewelry Party
• How to Have a Sell Your Gold Fundraiser
• How to Tell if Your Adopted child Has FAE Fetal Alcohol Effect
• How to Tell if You Are Being Scammed by Adoption