Here's What Happens When You Pay Off Your Mortgage -- and What to Do After Your Home Is Paid Off
Article Excerpt: "...While you'll no longer owe money toward the loan's principal or be responsible for interest, you'll need to keep paying your property taxes. You'll likely begin to receive property tax bills directly from state, country, and local governments. But it's not a bad idea to check in with each taxing agency to ensure they know to send the bills to you, instead of your lender. You'll also be responsible to keep paying your homeowners insurance premiums. Even if you're not legally required to carry insurance coverage on your home once it's paid off, it's a worthwhile expense to continue paying. You want to protect your investment. You'll want to coordinate with your home insurance company to arrange billing details. ..."
Resource: www.fool.com