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Mortgage
Participants and variant terminologyMortgage lenderBorrowerOther participantsMortgage by demiseMortgage by legal chargeEquitable mortgageHistoryForeclosure and non recourse lending
Participants and variant terminologyMortgage lenderBorrowerOther participantsMortgage by demiseMortgage by legal chargeEquitable mortgageHistoryForeclosure and non recourse lending
Mortgage lender
Mortgagee is the legal term for the mortgage lender. The main function of the mortgage is to provide security to the lender. Given the large sum of money involved in financing a property, a mortgage lender will usually want security for the loan that will provide a claim upon that security and will take precedence over other creditors. A mortgage accomplishes this security.The lender loans the money and registers the mortgage against the title to the property. The borrower gives the lender the mortgage as security for the loan, receives the funds, makes the required payments and maintains possession of the property. The borrower has the right to have the mortgage discharged from the title once the debt is paid. If the mortgagor fails to repay the loan according to the conditions set forth by the lender, then the mortgagee reserves the right to foreclose on the property.