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Mortgage, mortgagee, mortgagor?

By Marilyn Campton

The terms ‘mortgage’, ‘mortgagee’ or ‘mortgagor’ are often used in relation to property, but what exactly do they 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 you do not pay back the money you borrowed (the mortgage), you might be required 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.

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