Consider taking a conventional loan such as an equity loan based on the value of your house or a loan from your 401K fund.

Some people have asked for assistance from their church or school community.

 

There are institutions known as “adoption banks” that will set up an account for you and you can direct people to contribute to your adoption fund instead of buying you a Christmas or birthday gift.

 

Entrepreneurial people may publish a book of family recipes or hold tag sales to earn extra money.

 

People we know have not been quite as creative or entrepreneurial in obtaining funding, but they’ve made it work by:

 

• Cashing in stock.
• Asking parents for a piece of their inheritance early.
• Taking an equity loan.
• Taking on a time-limited additional job to build up the money.
• Deciding not to replace their cars and simply driving older cars for three or four years, using that money toward the adoption.
• Borrowing from their business.
• Charging it on a credit card.

 

You will be surprised at the possibilities you can think of when you begin to seriously look at how to find the money. Remember, you don’t need all the money at one time.

Initial costs are associated with the adoption home study and document preparation. There will then be a wait until a child is found for you. At that point there will be agency or attorney fees and possibly some initial childcare fees.

Then there’s another wait until the child is ready to travel. This is usually the time that most of the other fees will be due. It’s certainly possible to charge travel expenses and pay those off over time. Finalization fees can be postponed although, the sooner finalization of an international adoption occurs, the sooner you can collect the tax credit.

 

Sue’s family used a combination of equity loan and not replacing their cars. It’s worked out just fine. They never regret paying on that equity line because their life has been so enriched because of it.