Mortgage Paid Off? Now What?

[dj_rice]

Paid off my mortgage in June. Now what?

Am I supposed to get a letter in the mail from bank? Or the deed?

[max_boost]

ya you get a discharge letter. congrats man!

i went debt free for a good 5 years, got bored and got back into debt. i feel alive again haha

[dj_rice]

Thanks man! Hahah

So discharge letter and thats it? I own home clear and free or do I have to go to registries and etc

[TomcoPDR]

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Thanks man! Hahah

So discharge letter and thats it? I own home clear and free or do I have to go to registries and etc

Congrats

Banks should automatically send discharge letter.

If you don't want your land title showing bank has a lien/mortgage, then $10 (old memory) head down to land title to get it removed.

But sometimes pending what look you're going for, fake baller, or lowkey wealthy dude; leave the bank's name/mortgage amount on title in case other neighbours (or in case of tenants if a rental) wanna search your shit up, so you can just play a poor sap of them thinking you don't own equity while only you and Beyond know you actually got that cash mooonay on the lock down.

[suntan]

Hookers and blow.

[TomcoPDR]

Make sure you apply for a HELOC, your house is now your own piggy bank

[BavarianBeast]

Heloc and buy a supercar, it’s the only thing left to do

[littledan]

Time for a reverse home mortgage! Something something hookers and blow

[Buster]

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Heloc and buy a supercar, it’s the only thing left to do

you are basically batting 1000 on what cars are going to go up in value. What's the next one to go up?

[max_boost]

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Heloc and buy a supercar, it’s the only thing left to do

I support this. Heloc that shit.

[ExtraSlow]

That's great buddy. It's a personal goal of mine but I'm not that close yet.
As for what to do, I know you didn't mean this, but aggressively save that payment amount for a few years BEFORE you go full supercars and cocaine.
I like dividend ETF's but you do you.

[90_Shelby]

Super car = Trackhawk

Do it!

[killramos]

Do you have one of those all in one mortgage / HELOC’s?

Because if so there will be no lien disbursement. Just something to think of.

Oh yea. Buy a trackhawk!??

[dj_rice]

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Do you have one of those all in one mortgage / HELOC’s?

Because if so there will be no lien disbursement. Just something to think of.

Oh yea. Buy a trackhawk!??

Correct. With RBC. Heloc was included. Thanks for info

[killramos]

Yea I’m the same. In this case the mortgage stays on title because the HELOC is still extended to you for the full authorized amount.

The actual “mortgage” lien on the title is the umbrella loan agreement, of which there are sub agreements for the amortized portion and the revolving portion. Nothing changes to the umbrella agreement once you pay off the amortized sub loan. So nothing changes on title.

[dj_rice]

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Yea I’m the same. In this case the mortgage stays on title because the HELOC is still extended to you for the full authorized amount.

The actual “mortgage” lien on the title is the umbrella loan agreement, of which there are sub agreements for the amortized portion and the revolving portion. Nothing changes to the umbrella agreement once you pay off the amortized sub loan. So nothing changes on title.

Dope. Thanks for all the info. So I dont have to do nothing then. Never touched/used the HELOC before so lets roll TRACKHAWK huh

[killramos]

I would say no. They might eventually send you paperwork closing the amortized sub loan. But doesn’t change anything for you.

I don’t think you would technically be “mortgage free” for the purposes of insurance. Sometimes that saves you a few dollars, might be worth talking to your insurance people about?

[G-ZUS]

hows it feel?

[shakalaka]

Always good to have the funds available to you if an investment opportunity rolls around. Use the HELOC for that. Don't listen to these people telling you to HELOC a supercar. A depreciating asset should never be purchased using your primary residence as collateral. That's just asking for trouble.

[killramos]

Yea. You should lease it. Totally different.