Health & Fitness
What Is A Homestead?
Find out what a Homestead is, what it does and why every home owner should have one from my conversation with Michael Callahan of Sigman Law Office.
A Homestead is a type of protection for a person’s primary home.
When you purchase a home there is an automatic homestead protection of $125,000. However, this coverage is not likely to be sufficient coverage to protect the full value of your home.
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In order for homeowners in Massachusetts to protect the value of their property up to $500,000 per residence, per family, you must file a document called a “Declaration of Homestead.” The form is filed at the Registry of Deeds in the county or district where the property is located, referencing the title/deed to the property.
Click here to learn more about the Homestead Act in Massachusetts.
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