One loan. Three bridges.

first_imgFirst and foremost, the Bridging the Gap Loan works to connect children waiting to be adopted with adoptive parents because the astronomical costs of adoption can be a major deterrent for families who would otherwise love to adopt a waiting child.This loan will serve as an important tool for adoptive families by covering the expenses associated with adoption and leading them to a credit union where they can get financial help. I fully expect many families to enter their local credit union to open an adoption loan, but then see there may be other, cheaper options such as a home equity loan.What makes this bridge unique and innovative? Other adoption loan products are existing loans (such as a home equity, car refinance, HELOC, or personal loan) with a different title. While I think that’s a good strategy to get people into the door for help, I’m proposing a new loan product for those who are well qualified, but don’t have lines of equity to pull from. The Bridging the Gap, pro-family adoption loan that I am proposing is a multi-dimensional product that acts as three bridges over three gaps all at once: 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img continue reading »last_img read more