The purpose of the Homestead Protection program is to allow previous owners to retain their dwelling through what means?

The Homestead Protection program is designed to help previous owners stay in their homes while also managing the financial aspects tied to ownership. The option of lease or purchase is the correct answer because it provides former owners with the opportunity to secure their living situation. This program often allows them the flexibility to either continue living in the property through leasing or regain ownership via purchasing arrangements.

This approach is beneficial for individuals who may face financial difficulties yet still want to maintain their home. The lease option keeps them in their dwelling while allowing for eventual ownership if circumstances improve. By contrast, other options, such as a cash payout or an equity swap, do not directly support the goal of retaining the dwelling in a manner that allows for continued occupancy or re-entry into ownership. Similarly, a transfer of ownership would not align with the purpose of helping previous owners stay in the home, as it would involve relinquishing their claim to the property.