For anyone who struggles with infertility, the financial impact is just one more stressor to add to an already heaping plate. But you do have options. Choosing to create your family through surrogacy and IVF is expensive, but there are options that can make coming up with the money you need a little easier.
Surrogacy can cost as much as $75,000-$100,000 dollars including agency, surrogate and legal fees. That’s as much as a small house (or a very nice car) in some areas. But children are priceless and many families are willing to do whatever it takes to welcome a little one into their home. Here are some strategies commonly used by Intended Parents.
Home Equity Loans
If you have equity in your home, you may be able to tap into it by applying for a line of credit, refinancing or taking out a second mortgage. Consider this option carefully before making a decision. While you will likely have a fixed rate option, a long repayment term and possible tax deduction, it’s not without risk. If you take on more mortgage debt that you can afford, you could lose your home.
Some IPs choose to use credit cards or cash advances from credit cards to pay for some or all of their IVF or surrogacy expenses. Unfortunately, interest on your outstanding balance adds up fast. You could end up with more interest expense than your original cash outlay.
Borrowing from Retirement Accounts
It may be possible to borrow from 401k, IRA or other retirement funds. This should not be considered without speaking to a financial advisor. Taxes and penalties may apply and could be expensive. There are many complicated factors involved.
Loans from Friends or Family
Your nearest and dearest may be willing to lend or give you part or all of the cash you will need for surrogacy. Think carefully about your current relationship and how it could affect the relationship in the long run. It’s not always wise to mix family and money.
Some loan companies are happy to finance your future family. Surrogate Solutions partners with one such lender – LightStream. LightStream offers low-interest, unsecured loans for couples and individuals with good to excellent credit. LightStream loans are available in amounts between $5,000 and $100,000, and can be used for all assisted reproduction needs, including surrogacy, IVF, and medications.
To learn more about the costs of surrogacy and IVF and your family’s financing options, contact the experts at Surrogate Solutions. They have helped many families successfully navigate their surrogacy journey and they would love to help you as well.
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