I. Every person is entitled to $400,000 worth of his or her homestead, or of his or her interest therein, as a homestead. The homestead right created by this chapter shall exist in manufactured housing, as defined by RSA 674:31, which is owned and occupied as a dwelling by the same person but shall not exist in the land upon which the manufactured housing is situated if that land is not also owned by the owner of the manufactured housing. The homestead right shall also apply to the person's ownership interest in any mobile home, housing cooperative, and condominium, so long as the property is occupied as a dwelling.
II. In order to claim this exemption, the residence must have been continuously used as a primary residence for the previous 12 months. However, proceeds from the sale of a qualifying residence and such new residence, shall also be protected if reinvested within 6 months in a new primary residence.
III. Notwithstanding paragraph I, homestead exemptions, totaling not more than $550,000, may be held or claimed, or $400,000 for a single person under this section.
IV. Notwithstanding paragraph I, the full market value of the property may be claimed as a homestead right if the debt for which attachment or levy is sought resulted from unpaid medical bills or other debts directly resulting from terminal or catastrophic injury or illness.
V. The beneficiary of a qualifying trust may claim the exemption under paragraph I if the qualifying trust is the owner of the property and the other provisions of this chapter are met.