Can we support you in this important life decision?
What is AdoptionAssist?
AdoptionAssist is an innovative, low-interest line-of-credit (LOC) that prospective adoptive parents can use to fund adoption expenses (Current Rate – 6.95%).
Let’s face it, while most parents looking to adopt have already determined whether or not they can afford the on-going expense of a new child in the family — it’s the upfront expenses in the adoption process itself that keep a lot of people from even considering adoption.
The potential legal expenses, travel, lodging, agency fees, medical costs, and counseling during the adoption process can sometimes cost thousands of dollars.
The United Methodist Credit Union understands this very well (our CEO has two adopted children), and we feel it’s part of our Christian mission to help any of our Members that may be considering adoption. That’s where AdoptionAssist comes in.
How is AdoptionAssist different from other loans?
- First, instead of a typical static term loan, the AdoptionAssist Line of Credit (LOC) provides access to funds that can be drawn on whenever they’re needed (and never more than you need).
- Proceeds from your LOC can be used for any adoption-related expenses.
- During the adoption phase there are no payments required on your LOC (up to three years).
- Once the adoption has been completed (or withdrawn), your AdoptionAssist LOC will be converted into a low-interest term loan at a fixed rate depending on the timeframe you choose (up to ten years).
- AdoptionAssist has one of the most competitive interest rates available – much lower than regular personal loans.
How AdoptionAssist Works:
- Become a TUMCU Member – If you are a United Methodist and not already a TUMCU Member, you will need to join. Don’t worry – it’s free and easy to do. Details on how to become a Member are here.
- Identify Your Potential Need – Estimate the funds you think you’ll need through the adoption process – if qualified, you can get a line-of-credit of up to $20,000 (maximum).
- Apply for an AdoptionAssist– There are no fees for application, origination, or prepayment. And there is also no need to apply each year – your line-of-credit is in place throughout your adoption period. Important Note: Approval may be contingent upon having a creditworthy cosigners.
- Request funds as needed online (link is below). Remember, AdoptionAssist can also be used for any adoption-related expense.
- No payments are required during the Adoption Phase (up to two years from the date of application plus one year after the adoption is completed). Your AdoptionAssist line-of-credit interest rate will remain fixed during this phase. We always recommend to make interest payments, if possible, to reduce the size of your final loan.
- If for some reason the adoption is withdrawn or terminated, the LOC will need to be converted to a term loan, and repayment begun, within 30 days.
- Begin Repayment (the Post-Adoption Phase) – One year after the adoption, you will convert your LOC to a fixed-rate term loan, and begin repayment. You can choose the term (up to ten years), and a new fixed rate will be determined by formula using the corresponding U.S. Treasury rate +6.0%.
Apply for AdoptionAssist
Click on the corresponding button below to apply (must be a TUMCU member first), or to disburse funds from any available balance if you already have an AdoptionAssist LOC.
Further Questions? Check our Frequently Asked Questions page here -> https://www.tumcu.org/adoption-assist-faq/