Under Hawaii Revised Statutes §651-92, which of the following correctly describes Hawaii's homestead exemption for a homeowner who is 70 years old?
Correct Answer
B) Up to $30,000 of home equity is protected because the owner is the head of a family or is 65 years of age or older.
HRS §651-92 sets the homestead exemption at $30,000 for a head of family or any individual 65 years of age or older, and $20,000 for all other persons. A 70-year-old qualifies for the $30,000 tier.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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