Do I need to do anything after I've paid off my mortgage?

You'll receive a discharge note once you've paid off your mortgage. There will then be other tasks to complete such as updating your home insurance policy and informing your accountant. You will also need to register your discharge of mortgage at the land titles office in your state.

Is it a good idea to pay off my mortgage?

Whether or not it's a good or bad idea to pay off your mortgage rather than keeping the loan open is down to your own situation. You might know that you'd like to take a trip soon, or renovate your home, or use your equity for another property. In this situation, keeping your loan open means you can draw down the funds without taking out another loan. However, you might be keen to get rid of the debt and stop making those monthly repayments. That way, you can use the money for other things, like investments. If you're unsure what the right decision is for you, it might be a good idea to speak to an accountant or financial adviser.