Any homeowner can suffer a major loss, like the loss of a spouse or other financial setback, and risk losing their home as a result, writes Brian O’Connell in The Street.
That’s where the homestead exemption can save the day – and the house, the story says. A homestead exemption is a legal mandate that shields a homeowner from the loss of his or her home, usually due to the death of a home-owning spouse, a debilitating illness or if the homeowner slides into bankruptcy. The age of the homeowner may also come into play, as well, according to O’Connell.
A homestead exemption can also protect a homeowner in distress from onerous property taxes, with built-in mechanisms that either reduce those taxes or remove them altogether, according to the Street.
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