You can get a mortgage discharge under certain circumstances:
Discharging after paying off your mortgage
You, your lawyer or your notary can discharge your mortgage once you have paid it off. You may also want to make sure you don’t have any amount owing on any related financial products. For example, if you have a home equity line of credit (HELOC) combined with your mortgage, you may need to pay it off and close it before you can move forward with a mortgage discharge.
You may not want to discharge your mortgage if you plan to use your home as security for a loan or line of credit with the same lender. When you discharge your mortgage, you may lose access to mortgage-related products. This includes a HELOC if it’s combined with your mortgage.
Discharging before selling your property
In most cases, you must get a mortgage discharge when you sell your property. Once the discharge is complete, the lender’s rights are removed from the property.
You will not need a mortgage discharge if you have an assumable mortgage and you’re transferring the mortgage to the new owners of the property.