A Client called me up today wanting to refinance with cash out. I asked the client what the purpose is for the addtional cash.
She had replied that she is very nervous and excited about adding a new addition to the family. I was thinking well she must be pregnant but to my surprise the new addition was for an...ADOPTION
Adoption Costs
Now many people may not realize this but Adoption Costs can be very expensive.
According to Adoption.com ( http://costs.adoption.com/ ) The typical Adoption Costs are as follows:
Agency and private adoptions can range from $5,000 to $40,000 or more depending on a variety of factors including services provided, travel expenses, birth mother expenses, requirements in the state, and other factors.
International adoptions can range from $7,000 to $30,000.
Not including are the new addition factors including that can range from $1,000 to $5,000.
Shocking isn't it that adoptions can be very costly.
Adoption Buzz
Over 5 million Adoptees in America according to the Census Bureau.
November 20th is National Adoption Day.
Last November a National Poll conducted on adoption had 58% of respondents said they have had a "personal experience'' with adoption -- meaning that they, a family member, or a close friend had been adopted, had adopted a child, or had placed a child for adoption.
Popular A-List Actress Angelina Jolie has created a positive picture for adoptions with 3 adopted children whose images were reported at $10 million dollars for a record of the most expensive celebrity image of all time.
Madonna and other famous stars, soon followed suit.
Adoption Financing
Check with your local Mortgage Consultant to see if Refinancing with Cash out or doing a HELOC loan is more beneficial for you. Rates are at an all time low so if you have the equity to tap into, this could be a wonderful resource to utilize to your amazing new addition to the family.
The IRS has helped with the Adoption Tax Credit given to families applying for adoptions that can be found here http://tax-credit.adoption.com/
The Tax Credit is $10,960 per child which is an amazing benefit for adopting families. Consult with your Tax Advisor on how to apply the credit towards your tax returns.
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I personally loved doing all the research on this Blog learning about how adoptions work and all the other fascinating stories involved with adoptions. I am really glad there are tons of Adoptions each year and if you are thinking about doing an adoption in the future, may god bless and best wishes.
Just-In-Time's Loans - Mortgage Needs and Advice on Time. (757-228-3668)
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