Today received a letter from Central Provident Fund (CPF) Board, informing me that my Home Protection Scheme (HPS) with them has been terminated.  Officially I am debt free now. Home Protection Scheme (HPS) is a mortgage reducing insurance scheme administered by the CPF Board.  Should the insured member become permanently incapacitated or die prematurely before age 65, the CPF Board will pay the outstanding housing loan based on the amount insured under HPS. Housing loan mortgage payment is the number one expense for me every month.  Although I am funding my housing loan payment fully from my CPF, it is definitely good to have one thing less to worry about going forward.  Just imagine what would happen to the housing loan if interest rates would go up to 7% or 5%. Also, the remaining money in my CPF and whatever future contribution has the ......