Definition: The word "when mortgage is paid off" typically refers to a situation where one or both of the principal and/or interest on their home loan are either fully or partially repaid, leaving the borrower with a lower balance on their loan than they had when the loan was first taken out. For example: 1. The borrower starts paying back their mortgage after several years of no payments - this is known as a "full repayment" scenario. 2. The borrower takes out another home loan and pays off the existing mortgage, leaving them with only a lower balance on their old loan than they had when they took out the first one. 3. The borrower decides to pay off the entire balance on their existing mortgage after paying down several months of outstanding interest - this is known as a "partial repayment" scenario. 4. Some borrowers may choose to settle the home loan with the lender and receive a full payoff, while others may prefer to go back to the bank and take out a new one instead. The specific definition of when a mortgage is paid off would depend on the laws and regulations in your jurisdiction or country, as well as the terms of the loan agreement.
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