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My husband and I are just starting this process. The financial impact is enormous as you all know. I don't have $25k lying around and I am worried that we won't pass our home study because we may not have enough in savings. We planned on applying for grants and loans, but of course we need an approved home study first. We make a decent living an can afford to take care of a child, but having this much money upfront is a problem. How much do you think we'll need in our savings when we have the homestudy?
Thanks for your help!
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Hmm.. good question. We were a few thousand short. We figured we had a few months to keep adding to our savings, while the homestudy was being done. We did that, then surprise, we needed more $$. We raided two IRAs. They weren't doing much for years anyhow, earning a measly one percent interest. We figured we'd get greater "returns" on two little girls rather than a bank account.
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P.S. I do sometimes worry that we'll be renting out rooms and raising chickens for retirement income...
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We only had a few thousand in savings, but a significant amount in retirement accounts. We had to give them a list of assets and debts. But they never once asked how we were going to pay for our adoption.
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I don't really have anything in a standard savings. I havea few thousand in my retirement, but that's it. My assests are very minimal. I am paying for my adoption with a home equity line of credit. So far, this has not been an issue for me. Good luck!
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I wouldn't worry too much. Our homestudy looked at our financial statement basically to confirm that we had the capability to raise additional children. She never asked how we were going to pay for the adoption. We've re-financed our house and pulled some equity out of it. We used some "excess" from student loans (my husband is also in grad school part time which is paid for by his employer so the loans are for additional things like books, fees, kids :) , etc.
Just realized I entered this under my husbands login....no HE doesn't have a husband.....heehee.
Michelle (Jack's Mama)
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I dont think there is a set amount. I think the homestudy just looks at whether you can provide a child with a good home and a good life. Assets and Liabilities do factor in, but I dont think it is the only thing that a homestudy provider will consider.
Katy
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Do not worry, we did it, so you will do it. We have a considerable amount of financial stress shall I say ...and we did fine. We pay our bills on time and are providing just fine for our son. We did pay for the homestudy with cash that we saved. Then about 2 weeks ago we closed on a home equity loan to pay for the rest of the adoption costs.
We did stress about it, but everything will work out.
Good luck!
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The issue of financing the adoption was never addressed in my homestudy process. They were more focused on whether I had enough money to raise a child.
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Thanks to everyone for the responses. We are just stressed and worried that we won't pass the homestudy, won't be able to cover the costs, etc.... everything that so many others on this board have been through already. Thanks for the support and encouragement!
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VLMD
Thanks to everyone for the responses. We are just stressed and worried that we won't pass the homestudy, won't be able to cover the costs, etc.... everything that so many others on this board have been through already. Thanks for the support and encouragement!
I can relate.. we feel the same way.
Do they also want a credit report etc.... We do have some credit debt but we are on time paying everything.
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