Your situation may well be different than the ones I know about. I'm thinking about a relative who had paid the mortgage down to almost nothing. She had a lot of equity, but almost no cash. The property taxes and insurance were high (more than the mortgage payment, for sure).
You have to pay the taxes and insurance.
My relative lost her job, and had trouble getting another one. She had a lot of equity, but couldn't refinance, and had no funds to pay the taxes or insurance.
Your home is not secure unless you know how you can pay the taxes and insurance. Just paying off the mortgage is not enough.