HELOC for adoption costs · CoryG NEXT LEVEL

HELOC for adoption costs

Most of you all know my story of my family losing our son back in March due to still birth. It's been a hard road and pill to swallow that we aren't going to try to have kids biologically anymore. My wife simply can't go through anymore tragedy (previously we had 3 miscarriages and a failed IVF before this tragic loss).

So, now we're on the road to adopt to expand our family. As much as I would love to pay for this out of pocket, we don't have the funds to fund the cost of adoption. A couple of scenarios are playing in my head for this. Take on a HELOC for the potential costs to adopt. This could be anywhere between 30-60k. My issue is I don't know how much to actually take on. I know it's all about what we can budget and take on, but do we take more to potentially have it just in case we need, or play it safe and go more middle ground?

I will say that my company gives us 40k for reimbursement for adoption costs. But we have to front-load the costs and then we get reimbursed.

What I think I'm going to do is have my sister or another relative start a gofundme to tell our story, and see what we can get from that to help get us started and go from there. I feel funny doing a gofundme, but lots of people have told me that with all we have been through, with the cost of IVF, hospitals for the miscarriages, still birth, and funeral. It's ok to ask for help. That's another battle I've been dealing with is asking for help.

This is probably a heavier topic for discussion, but I want to make sure we take on what we can manage. I think I'm answering my own question with see what we get from the gofundme, and then take out a HELOC with the guesstimate of expenses.

3 comments