[Yash]

Hi,

I was wondering how you paid for your adoption, particularly the single parents out there?

Thanks,

Yash

[loveajax]

We tapped into our home equity....There are definitely ways of doing lower cost adoptions...e.g., thru DSS (or whatever child welfare system you have in your state)...also, if you are posting here, I presume you may be adopting a child of color. Some agencies consider AA or biracial children "special needs" adoptions and offer a "discount" on fees (It sounds pretty gross and it is, but heck who cares if it means saving money). Good luck to you!

[kelceesmom]

We refinanced our home and use a little of the equity.

[Linny]

We've adopted several times and have either done it this way, or have heard of other people who have done it:
Re-financed their homes
Went to a bank and got an adoption loan
Took out a loan through their credit card company
Put some of the actual balance on their credit card
Sold items on E-Bay
Had a huge rummage sale
Went to their church and asked for a loan
Went to relatives for loans

Those are the main ways I've heard of raising funds. We actually did the re-finance; and we took out a temporary loan with Discover (which had a really low interest rate at that time)....but we paid off that loan quickly too.

With the fees of adoption raising faster than interest loans, I know it'a hard to find the resources to adopt. (Unless you want to go through the state system....and we've done that and would not do it again).
Good luck on this.......

Sincerely,

Linny

[hotspice58]

I haven't done it privately yet but on another thread, it was mentioned that MBNA offers loans for adoption: 888-786-1116-option 1 and specify adoption.

Check Dave Thomas' Foundation Adoption site. There are other options available.

[SingleMama2B]

Hi Yash.... I adopted my DD from Russia, and the only way I could do it financially, was to take a home equity home loan. The costs where soooo high, but I knew she was my daughter (I hosted her in my home for 2 weeks during that summer)! I also sewed my finger off (alittle side doll making business), and sold things at work, and on Ebay. After being home with DD for 6 months, I decided to sell my townhouse, and buy a little ranch house. With this, I paid off the home equity loan and now just have a straight mortgage. I basically had given up on adoption a year before, but then this hosting program came up, and it was for older children, that I just JUMPED right in. No planning or anything.

Blessings..................

[Yash]

loveajax,

Thanks for responding. I adopted the first time around through foster care. I need a "simple" adoption this time around. I'm adopting from Vietnam.

Yash

[Yash]

kelceesmom,

Thanks for the reply. If only I were a homeowner.

Yash

[Yash]

Linny,

Do you know if the adoption loan interest rates or lower than a regular loan interest rates?

Your responses put a smile on my face. My son was adopted via the fost/adopt system. I need a break from that rollercoaster this time around. We'll see if I ever hop back on it for baby number 3.

Yash

[kelceesmom]

Good luck in your journey. Can't wait to see your little one when the time comes. Something will work out for you.

[loveajax]

Good luck, YASH!!! I am contemplating adoption #2, but the financial part of it is just too tough right now.

[Yash]

hotspice58,

I will call that number and I'm all over Dave Thomas' site. Such a wealth of information there.

Thanks,

Yash

[hotspice58]

Good luck with whatever you do!!!

[Yash]

Denice,

Thanks. I know something will work out. And before I know it my baby will be in my arms.


Yash

[Yash]

Singlemama2B,

Thanks for sharing your story. On a totally different note, what made you decide to host a child for the summer? I've thought about doing it.