Have you finally paid off a home loan you took 20 or 30 years ago? Are you extremely happy that the house is finally, finally yours after such a long time?

Well, you deserve to be happy! Home loans are a financial burden that most of us can’t avoid, and sometimes paying them can be a struggle, especially during periods of emergency or crisis.

Some people are so happy when the final loan repayment statement is received, that they keep it and frame it up for remembrance. Here are other ways you can celebrate your house finally being yours:

Take the next few loan repayment and go on a holiday

Now that you don’t have any big financial responsibilities towards your house, you should have some extra income. Take that amount and bring your spouse or loved ones on a special vacation, possibly as far away from your home as possible.

Pay the monthly installments to yourself

Rather than spending all that extra cash, now’s the time to save it for a rainy day, or just to grow it further in another investment. You’ll be surprised how much the amount can grow over the years and in the end you’ll have a tidy sum for your retirement.

Save it for Your Children

If you’re a parent, the extra monthly repayment can now be channeled as a savings fund to help your children as they start out in life, whether to help them pay down payments for their own home, or to help them purchase a car. You can even help them get a loan free start in their working life by using the money to pay off their study loan.

Invest in another Property

If you fancy yourself a Landlord or a property flipper, you can take a new mortgage and apply your previously paid amounts to owning a new house. Not only will this profit you further, it will increase your income greatly in the future too, and increase your personal net worth.

Donate to Charity

Any extra cash you have without the burden of a home loan can always be used to help the needy around you. Contact your local orphanages, old folk’s home, homeless shelters, street kitchens or any other organization to see where you can best channel your donations to.

Throw a Mortgage Free Party

Although it’s not a tradition here to recognize the end of a home loan repayment, it should become a normal practice, and you can help make it one. This is because freedom from a heavy debt is as good as any a reason to party!