Adoption Loans

Adoption is very expensive, depending on the kind of adoption being pursued. While there's no law that says someone's salary or hourly wages disqualify them from adopting, being able to adequately provide for the child after placement and finalization is certainly more important than being able to front the application fees and service expenses.

Adopters should ask about due dates for certain fees and make sure they have a clear idea of the kind of fees that will pan out over the course of the adoption. They can keep in mind that the adoption tax credit reimburses up to $10,000 in adoption expenses. Certain government subsidies may also cover home study fees.

There are many different ways to finance the impending expenses for adoption services. Adopters can borrow from their 401(k) or may want to speak with their employer about adoption benefits, which may include loans with smaller interest rates than one withdrawn from a bank. Some banks may even allow for the interest to be deducted from one's paycheck so the payback is gradual. Adopters can also take out a second mortgage on their home or borrow with their insurance policy.

There are many different kinds of adoption loans and finding the right one for your situation and financial standing is something that financial advisers can help an adoptive couple work out and customize to their circumstances.

Adoptive couples have the option of taking out personal loans from family members or close friends. These loans are nice because they probably won't require the couple to pay interest on them. Family members can also co-sign on loan applications and help a couple take out greater amounts of money.