What Happens After Paying Off A Mortgage?


For many homeowners, paying off a mortgage occurs only once in their lifetime. Taking on a large debt, especially one that lasts for thirty years, is a substantial commitment that deserves to be celebrated once it’s over. However, once the celebration is done, it’s important that homeowners take the time to make certain that they have received all the necessary paperwork and that they have prepared themselves for the new financial obligations that they now have.

These obligations include paying their homeowner’s insurance premiums and their property taxes if those two fees were included in their mortgage’s escrow. If they were, the homeowner is now responsible for paying both directly. Property taxes are due once a year, while insurance premiums can be due every six months or once a year, depending on the insurance compa…



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