Do you keep making escrow payments after the loan is paid off? (insurance, bank)

[HappyRider]

I am wondering what happens to the escrow account and the portion of the payment going into it after you pay off the loan. Do you stop making ALL payments to the mortgage company right away? Does the mortgage co. return the escrow balance to you and you are then responsible for paying taxes and insurance?

[Lowexpectations]

Any left over balance should be returned and no more payments should be made

[Diana Holbrook]

The bank should send you any balance remaining in escrow, and you should start paying your taxes and insurance directly.

[HappyRider]

Thanks, make sense. Now let's see if they do that. I hate to call their "customer service" line to find out.

[SmartMoney]

They must refund your escrows 30 days after payoff. Some will take it all the way down the line. You are responsible for all tax and insurance payments since the last disbursement.