Residential

You Finally Paid Off Your Mortgage. What Now?

You’ve paid off your mortgage, which means you now have a lot of new little problems and concerns to fill your time.

Sure, these are good little problems and concerns. What do I do with my extra money every month? Where do I put my deed? Nobody’s going to feel sorry for you for having these “problems,” and everyone will mock you with air quotes if you refer to them as such, but they still need to be solved.

In other words, paying off your mortgage is a major milestone, but yes, you still need to be vigilant and take care of these next steps.

You made the last payment – now wait. It may take a few weeks to receive your paperwork, which will include a “satisfaction of mortgage” statement – a letter stating that you’ve paid off your home. You may also even receive a check, since your mortgage lender probably had some of your money in reserve to pay your homeowners insurance and property taxes. If you don’t receive anything by the date of what would have been another payment, that would be a good time to call your lender to check on your paperwork, just to make sure your paperwork will soon be on its way.

Read Article at USNews.com

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