re: What happens when you pay off a house?

I haven't done this with either of mine, but I will swing by the courthouse and make sure. Thanks for the heads up

quote:

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When you pay off a house, what all happens?

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A good friend of my dad threw a "Burn the Note" party. The month after they made the final payment, he took the amount they were paying in P&I each month and threw a huge party at his house, food, booze, etc. He made a copy of the mortgage note, and at about 8 pm, lit the outdoor fire pit, let it get a good fire going, and then we all counted down from 10 to 1 and he tossed the mortgage into the fire pit.

Pretty hokey but we were all drunk.

You get to cancel the flood insurance policy you paid for 30 years , 6 months before the 1,000 flood swamps your home.

I paid mine off two years ago. The lender sent me paper work that I had to bring to the clerk of court's office terminating the mortgage. Something is stamped on the original recorded mortgage paper work like "paid in full" or similar.

Now once a year I get a bill for taxes and pay them before the end of the year and your insurance can be set up however you want it. Paid monthly, quarterly or yearly.