Answer:
Generally when you have an escrow account it is there for a specific purpose and to use those funds for anything else could require legal authority. For that, I'd refer you to counsel as they can review your agreement and and determine under what conditions this could happen.
So not a definitive answer, but a safe one since you need a safe answer based on your loan agreement.
Editor's Note:
If you are asking about cancelling future escrow payments to lower the total monthly payment, that can depend on whether escrow payments were required (for example, for a higher-priced mortgage loan under Regulation Z's section 1026.35), or included because of bank policy or for customer convenience. If the escrow is required by regulation, you can't discontinue collecting it unless the conditions of the regulation are met. If the escrow was a policy or convenience issue, you can consider eliminating it.
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