Quote Originally Posted by InvisibleDuncan View Post
Technically true (the loan is secured on the property, so you are required to keep the property for the duration of the loan), but as Funky said, you're more likely to take the mortgage with you if moving from one house to another. If you change mortgage providers when you move, you will probably have early redemption penalties to pay on the first mortgage, but you can sometimes wangle a deal whereby your new provider will pay those penalties for you. Of course, they'll probably just add the amount onto your mortgage...

I paid my mortgage off in its entirety earlier this year, and that was a great feeling.
It's becoming a lot more common for banks to agree to short sales. This is part of their reaction to people using "strategic defaults" as an out for loosing real estate bets post market crash. It saves the bank having to pay to sell it themselvs.

Congrats on paying the mortgage off man.