A tearful Joel Osteen recently announced that his megachurch, Lakewood Church in Houston, has paid off the $100 million loan it took out 20 years ago.

Standing with his wife, the televangelist emotionally shared during services on Jan. 14 that Lakewood’s loan from Bank of America was officially paid off on December 31, 2023.

Osteen’s congregation, which averages about 45,000 in person each week with millions more watching online, responded with cheers and a standing ovation.

And Osteen, using language common among prosperity preachers, thanked his supporters for their faithful giving and promised financial and other blessings in return.

“You guys have seed in the ground,” Osteen said. “. . . And the message today is that we’re out of debt . . . But what God’s done for Lakewood, he’s gonna do in your life, I believe, in 2024. You’re gonna see God release you from some things that have held you back—release you from debt and release you from addictions, release you from wrong mindsets. I just believe a year of release, a year of just God’s goodness in new ways.”