- Once created, the homestead protects, or exempts, up to $550,000 of the equity in your residence. This protection applies to general creditor claims, such as unpaid medical bills, credit card debt and unpaid loans. This amount is also exempt in bankruptcy.
- The Nevada homestead exemption doesn't protect your equity from your primary or secondary mortgage, past-due tax payments or IRS liens, and any past-due child support or alimony collections. In addition, creditors may seize or force the sale of your residence if your equity exceeds the $550,000 statutory threshold.
- Declaring a homestead protects you up to the statutory maximum. The equity in your home is the amount you actually own. If you have a home worth $700,000, but you have a first mortgage of $350,000 and a second mortgage of $200,000, your equity is $150,000. In this example, your equity is fully protected.
- The homestead law originates in the Nevada state constitution. According to Nevada state statutes, a homestead is land with a dwelling on it, a mobile home regardless of who owns the land, or a condominium. The home must be the principal residence and not an investment property.
Purchase or ownership of a property doesn't automatically create a homestead --- it must be created by filing a Declaration of Homestead. Only individuals and married couples can declare a homestead.
Homestead Protections
What Isn't Protected
Determining Equity
Declaring a Nevada Homestead
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