Everyone who owns a home should have a Homestead Declaration recorded at the Registry of Deeds to protect the equity in your property. Under Massachusetts  Law, See M.G.L. - Chapter 188, Section 1 , any person who owns a home can file a homestead exemption to protect his or her home even if you are single and do not have a family. This declaration protects up to $500,000 in equity in your principal residence from attachment and execution by creditors except for a sale to pay taxes and/or any debt contracted prior to the Declaration of Homestead. The cost is minimal and the benefits are substantial. You should be aware that if you refinance your mortgage, the lender will require a release or subordination of the Homestead.

There is a special homestead exemption for elderly and disabled persons. See M.G.L. - Chapter 188, Section 1A.  Any person 62 years of age or older, or a disabled person who has a permanent physical or mental impairment which would meet the requirements for supplemental social security income, can declare a $500,000 homestead exemption to protect the equity in their principal residence. More importantly, both spouses can elect the $300,000 elderly and disabled homestead exemption giving total protection up to $600,000. Again the cost is minimal and the benefits are substantial.

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