Mortgage, Mortgagee, Mortgagor
You’ve no doubt heard the terms ‘mortgage’, ‘mortgagee’ or ‘mortgagor’ when dealing with property, but what do these terms mean?
A ‘mortgage’ is an amount of money borrowed against any real estate for security. In other words if you borrow money to buy a home and if you do not pay back the money you borrowed (the mortgage) you may be forced to hand over the property instead.
A ‘mortgagee’ is the lender of the money – the bank or other financial provider, while the ‘mortgagor’ is the person borrowing the money – the borrower or purchaser of the home.Tags: mortgage, mortgagor