A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what is the mortgagee?

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Social Studies

Mclean

23 August, 10:49

A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what is the mortgagee?

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Christopher Reid · Answer 1

Answer: Money lender / institution, the lender in the mortgage - bank or savings and lending association

Explanation: A mortgage, or as it is also known, a mortgage loan, is used by a buyer who wants to buy a property in order to raise the necessary funds to buy it. In order to do this, the buyer places a lien on the property, which is a mortgage. Then the one who wants to buy the property is a borrower and goes to a bank, or an association that deals with saving or lending. That money lending institution is the mortgagee, and the borrower is the mortgagor. So, a mortgage is a person / institution that lends money to someone who wants to buy a property, which is the mortgagor.