What is what to do when your mortgage is paid off?

Congratulations on paying off your mortgage! Here's what you should do next:

• Receive Official Documentation: Contact your lender to receive official documentation stating your mortgage is paid in full. This is crucial for your records. Expect to receive a mortgage%20satisfaction%20letter and a certificate%20of%20satisfaction or similar document confirming the debt is cleared.

• Record the Release of Lien: The most critical step is to ensure the release%20of%20lien is properly recorded with your county recorder's office. This officially removes the lender's claim on your property. Your lender may handle this, but it's your responsibility to confirm it's done. Get a copy of the recorded document for your records.

• Review Your Property Tax Bill: With the mortgage gone, you are now responsible for paying property taxes directly. Confirm that the payments are no longer being escrowed by the lender and adjust your budget accordingly. Look at your property%20tax%20bill to see when payments are due.

• Cancel Your Escrow Account (If Applicable): If your lender held an escrow%20account for property taxes and insurance, confirm it's closed and you receive any remaining funds.

• Update Homeowners Insurance: Ensure your homeowners%20insurance policy is in your name and you are paying it directly.

• Consider Refinancing if Needed: Though you own your home outright, consider if a cash-out%20refinance makes sense to get low-interest loan to be used for other investments.

• Celebrate!: Paying off a mortgage is a significant financial achievement. Take time to celebrate this milestone.