When an individual pays the mortgage loan payments periodically over years or make a lump sum amount only one time, it is time to inform the mortgage company, ask them to release the ownership papers and free the house from any debt or mortgage payments. This process of declaring that you have paid you mortgage and now it’s time to end the loan payments and transfer the ownership to you is known as the discharge of mortgage.
Introduction to the Discharge of Mortgage Certificate:
When you find out that it’s been years that you are paying your mortgage payments and finally the day has arrived when you can say that you have paid the mortgage on your house, it is time to inform the bank or mortgage company and ask them to release required documents in order to make the house yours and give you the ownership documents. When you want to do this, you are actually asking to the bank to release discharge of mortgage certificate. Once you get the certificate, it’s downhill from that point from the issuance of your ownership documents to finally having the feel of stepping in the house that is truly and fully yours.
Brief description of the Discharge of Mortgage Certificate:
Usually when a person buys a house on mortgage loan, the loan expires in 15 to 30 years which means you will need to make the loan payments for the next 30 years. It’s up to you if you want to make the small installments every month for the next quarter of your life or you want to free yourself from all the debt and mortgage payments by paying the rest of the mortgage in lump sum. In either case, as soon you calculate that you have paid your mortgage in full to the bank or mortgage company, it’s time to inform the bank or mortgage company and ask them to release the discharge of mortgage certificate. After you get the discharge mortgage certificate, you need to provide it to the other department in the same bank or company and ask them to issue your property ownership documents.
Key elements to include in the Discharge of Mortgage Certificate:
- Name of the person who is demanding the discharge of mortgage certificate (the same person who is making the mortgage payments up until now)
- Date when the certificate is being issued
- Reference or registration number of the mortgage discharge certificate
- Name of the bank or mortgage loan company that is issuing the mortgage discharge certificate
- Details of the property i.e. house, apartment or shop that the debtor paid mortgage for
- Details of the mortgage payments made by the debtor with particulars (i.e. dates and payments)
- Precise statement that the loaner has paid his mortgage for the property and now deserves the ownership document
- Details of the department from where the debtor can receive his ownership documents
- Date when the ownership documents will be ready
- Signature of the authorized person in the bank or mortgage company
Here is preview of a Free Sample Discharge of Mortgage Certificate created as fillable PDF form,
Here is download link for this Discharge of Mortgage Certificate,