DECLARATION OF HOMESTEAD
If you are interested in having a declaration of
homestead at the time of closing please contact the closing attorney and in most
cases for a fee they will draw it up and record it for you. If you already
own property and would like to fill out the form and record it yourself you can
go to the bottom of this page and click on the link.
Questions and Answers
- How am I protected?
- Are my spouse and children covered, should I pass away?
- Will my Homestead Declaration protect my home from being taken
if I go into a nursing home?
- Is there anything I will not be protected from?
- What happens to my homestead if I should re-mortgage or take out
a second mortgage or home equity loan?
- If I divide my time equally between my winter and summer
residences, can I declares a homestead on both?
- Does the Homestead protection take the place of home insurance?
- Is the Homestead form difficult to understand and fill out?
- Can my Homestead be terminated?
- What is the filing fee?
1. How am I protected?
The real property or mobile home which serves as an individual's principal
residence upon filing a declaration of Homestead, shall be protected against
attachment, or sale to satisfy debts up to Five Hundred Thousand Dollars ($500,000) per residence, per family.
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2. Are my spouse and children covered, should I pass away?
YES. Should the parent who declares the Homestead die, the law protects the
house until the youngest unmarried child reaches the age of eighteen (18) and
until the surviving spouse die or remarries.
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3. Will my Homestead Declaration protect my home from being taken
if I go into a nursing home?
Liens imposed by the Massachusetts Department of Public Welfare, as a result of
the payment of Medicaid benefits, are exempted from the Homestead protection.
Although there are exceptions. You should consult an attorney for
advise.
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4. Is there anything I will not be protected from?
The following are exempt from the Homestead Law: federal, state and local taxes,
assessments, claims, and liens; first and seconds mortgages held by financial
institutions or others; any and all debts, encumbrances or contracts existing
prior to the filing of the declarations; and judgments that a spouse pay for the support of a spouse or
minor children.
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5. What happens to my homestead if I should re-mortgage or take out
a second mortgage or home equity loan?
The lending institution may require that your Homestead be
released. Once the mortgage is recorded or registered, you can
record a new Homestead.
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6. If I divide my time equally between my winter and summer
residences, can I declares a homestead on both?
NO. A homestead can be declared only on an applicant's residence, and you can
only have one residence. Neither can a husband declare a Homestead on one house
while his wife files a Homestead on the other. The Homestead can only be
declared on one's personal residence.
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7. Does the Homestead protection take the place of home insurance?
Absolutely not! The Homestead protection is not a substitute for home insurance
or any other type of liability insurance. These are separate and distinct
protections. The Homestead protection will only be effective after any liability
insurance is used to pay for any judgment that are related to liability incurred
under that particular insurance policy: e.g., home, automobile, etc.
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8. Is the Homestead form difficult to understand and fill out?
NO. It simply calls for basic information, just fill in the answers to the
questions asked. Just be careful when writing in your Book & Page number or
your Certificate of Title number; both are shown on your deed, or in the case of
Registered Land, on your Certificate of Title.
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9. Can my Homestead be terminated?
The estate or claim of Homestead shall be terminated upon the sale or transfer
of the real property or mobile home during the owners lifetime, upon the
death of the surviving owner or by a release of the Homestead estate acknowledged by the
owner, and recorded at the Registry
of Deeds, or when the property ceases to be your residence.
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10. What is the filing fee?
The cost of filing the Declaration of Homestead is usually under Fifty Dollars.
Contact your local registry of deeds or local attorney for more information. The form must be signed by the person filing and his/her signature notarized.
Declaration of Homestead - Form
