Pay off House or do something else with money

[Mark Gruetzmacher]

Hey Guys, quick question.  Would paying off my mortgage be the best thing to do if I had the chance to?  I purchased a house and fixed it up.  The whole plan was to keep it as a buy and hold.  It was a joint venture with a family member also.  The family members plans changed over time and I have since paid off the family member as they wanted out.  I also sold the home to some friends of family on contact and now they are to the point of getting their own loan for the house and thus paying me off.  Wasn't really planned that way but it is not what it is.

I am trying to decide what the best thing to do now is.  With the money from the sale and a little extra I could pay off my house and then save me over $400 a month on interest.  I can then redo my line of credit to take full advantage of the equity in my house.  Or what might be everyone's thought on that situation.