Ask the Expert: David Hughes

Is Your Home Homesteaded or Thinking of Buying?Understanding the Massachusetts Homestead ActSo, you are at the closing and the attorney asks you if you want the property to have Homstead Protection. It will cost $60-$75 and he wants you to pay him, right there at the closing table. You have just signed documents for a mortgage and you feel like you just spent enough money.The lawyer in fact is helping you. Pay him without hesitation! It is registered right then and there with your deed.What is a Declaration of Homestead?An estate of Homestead protects your principal residence. There is automatic protection for $125,000 but you may protect up to $500,000, even if your property is held in a trust. This protects the homeowner from unsecured creditors, i.e. carpenters, plumbers, accidents, etc that may put a lien on your home.I already own my home. Can I now get it Homesteaded?Yes, contact the Southern Essex Registry of Deeds in Salem and write a check payable to the Commonwealth of Massachusetts.I’m over 62. Is it worth it?Yes, you will personally exempt for up to $500,000 and if married or another owner living in the home is over 62 then the combined protection on the home is $1,000,000.Home Components Life ExpectancyFurnace: 15-25 yearsWater Heater: 5-8 yearsOil Tank: 20-30 yearsRoof: 15-30 yearsGutters: 20 yearsWant more tips? Call a Realtor at Century 21 Hughes at 781-599-1776 or see us online at Century21Hughes.comDavid Hughes is the co-founder of Century 21 Hughes Real Estate, 319 Broadway, Lynn. Last year, the company was No. 1 in the Century 21 system in New England. He is on the executive board and is treasurer/secretary of Century 21 of New England, Brokers Council. Hughes is a graduate of Lynn Public Schools.