The Homestead Act

The Homestead Act protects the equity in your home from future liability or claims from unsecured creditors. The laws may vary from state to state, but in Massachusetts, for example, a Homestead Declaration will protect the first $100,000 of equity, or $200,000 if you are over 62 years of age or are disabled.

You can ask your closing attorney to prepare and record a Homestead Declaration for a fee, or you can fill out a form and file it with the Registry for about twenty dollars.

Filing a Homestead Declaration is a very reasonable form of insurance against certain unforeseen financial difficulties.

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