What happens when you pay off a mortgage?

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Q. Let’s say you pay off your house. You finished the mortgage after 30 years. You did it! Great. Now you’re going to live in it mortgage-free. So, my question is: Am I supposed to receive an official deed or anything once it’s paid off? Should I expect something showing ownership?
— Homeowner

A. If you’ve paid off your mortgage, congrats!

So what happens next?

The lender may send the original note and deed back to you, although some do not, said Bill Connington of Connington Wealth Management in Fairfield.

If not, he said, the lender should at the very least send a payoff notice to show you have a zero balance on your home and a note of lien being released.

“If nothing after a couple of months, call the title company and check out your credit report to see if it has been updated correctly,” he said. “Then, if you escrowed your taxes and homeowners insurance through your lender, you should update the town and the insurance company to have those bills sent to you directly to be paid.”

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