adoptionYou can’t put a price on the value of your child, but for couples who wish to adopt, the entire process can be quite costly. According to Fund Your Adoption it can cost anywhere from $0 to $1000 to adopt a child through a county foster program and anywhere from $10,000 to $40,000 to adopt a newborn through a non-profit agency.

Also, adoption attorney fees for newborns generally range anywhere from $20,000 to $30,000. The adoption process may vary from state to state but if you go through a private agency, costs usually include agency fees, legal expenses, hospital documentation and retrieval of medical records, and disruption rates, just to list a few.
Fees can pile up quickly and so can the need for funding. A home equity line of credit is a great flexible option to obtain the funding you need for the adoption process. Though the traditional adoption loan, which is essentially an unsecured personal loan, is the most common choice, a HELOC can offer the same benefits with the added security of equity!
For new readers of our blog series, here is a quick explanation of a HELOC:
Home equity line of credit (HELOC): This works more like a credit card, as you’ll have access to a set amount of money and can draw down funds whenever you need cash. You then re-borrow and repay it as many times as you want during the draw period, and you won’t be charged interest until you withdraw funds. Keep in mind that the interest that is charged will most likely be a variable rate, which means interest costs can go up or down depending on the Prime Rate.

Now that you have an idea of what a home equity line of credit is, you can see how the flexible options, lower interest, and competitive repayment terms lend itself to the ever-complex adoption process. Let the equity in your home fund your endless possibilities of a family! What better investment than in a child?
When choosing this method to generate the funds needed, keep in mind that you must pay this money back. There are many options for repayment, consult a trusted financial advisor when going over your options. According to Fund Your Adoption a combination of a loan product, grants, fundraising, and second income opportunities are often the most utilized tools to alleviate the costs of adoption.
Be sure to only take out what you can afford to pay on a monthly basis should you find yourself unable to raise additional funding. Make sure you compare rates and options to find the best product to fit your needs. HELOC’s are great untapped resources for families looking to adopt! Inspire is excited to help you fund your next adoption and help turn endless possibilities into realities!
If you’re interested in establishing a HELOC or have questions about an existing loan product, click here or call us 215.788.5270 today! Keep your family protected, check out our insurance page for a free quote today!