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.
For more tips like this, subscribe to our weekly newsletter here