I am also still on Office 2007 at home!
I was, until Wednesday last week. My HP of just under three years packed in: started overheating, with the cooling fan sounding like a jet taking off. It's either the motherboard or the CPU. Either way, dead. And Office Word 2007 did not transfer over with the data/files/programs transfer from the dead to the new laptop.
have you tried some of the free open source solutions?
Too lazy, and untrusting.

I've been composing text files using 2007 since, well, 2007. It was starting to get buggy anyway. And it isn't supported. And my new 'puter is really spiff; so why look for free/buggy/risky word processing programs when I've got this really terrific laptop and it's brand new? So, I reasoned with myself in a similar way as I do with my Stinger: pay that much for a car; do not economize or pinch pennies; just get what is designed for it and works best, etc.
I was under the impression that anything MS with the "365" behind it was an annual subscription for a web based app. They still offer the computer based Office installs, but they cost more than 160 (unless it is bootleg). I was lucky enough to bag 2 copies of Office 2010 from a friend who worked at MS when I saw the writing on the wall with everyone going to web-based subscription content. I also have nothing that is "cloud" based after reading the fine print on many programs and apps. Kinda spooky the access you have to give to use some of these apps...
...edit: I probably got the pricing wrong. You can get versions for 160. I use the business or Pro versions and THOSE are the more costly ones.
Subscriptions, heh! It really rattled my cage to think of paying even the least monthly amount for Word 365 on one machine, seven bucks a month. Then I saw the up front one time cost and went for that.
Subscription-based models are preferred across virtually every industry - even autos, in fact. The self-driving on-demand trend will ultimately drive that, despite the protests of driving enthusiasts..
Capitalism certainly loves subscriptions: continual income/growth. I was actually pleasantly surprised to find Microsoft offered a one-time purchase option. And that it is reasonably priced.
It just bugs me that Office Word 2007 was only supported for ten years. That is capitalism at its worst: deliberately designed obsolescence. It's all about the $$$$$$$; and too often that wins over doing the humane thing. Lots of struggling people have difficulty just surviving, let alone coughing up over a hundred and fifty bucks every ten years for this, that and the other thing(s).