[b:a5aff26956]Satisfaction of Mortgage[/b:a5aff26956] is a document issued by the mortgagee when the mortgage loan is paid in full. It is also known as 'release deed'. It is usually recorded with the County Recorder (or Recorder of Deeds) in order to to clear the title to the real property owned by the person who paid off the debt.
[b:a5aff26956]For example,[/b:a5aff26956] Jack has taken a loan of $400,000 from Carole 10 years back. After 10 years when he was able to repay the mortgage amount in full, Carole issued him a document. The document stated that Jack has paid off the entire loan within the specified time period. This document is known as 'satisfaction of mortgage'.
A sample of the Satisfaction of mortgage form is given here so that you can have a clear idea about it.