mortgager
Noun: * The borrower in a mortgage agreement: The person or entity that borrows money from a lender (the mortgagee) by using real property as security for the loan. The mortgagor retains ownership of the property but gives the lender a conditional claim (a lien) against it until the debt is repaid.
The term "mortgager" is used in legal and financial contexts to identify the party who is obligated to repay a mortgage loan. It specifies their role in the contractual agreement.
Examples: * As the mortgager, she is responsible for making the monthly payments to the bank. * The rights and obligations of the mortgager are detailed in the mortgage deed. * If the mortgager defaults on the loan, the lender may initiate foreclosure proceedings.
- The term is often used in contrast to mortgagee (the lender). A key legal principle is that while the mortgagee holds a security interest, the mortgager holds the equity of redemption—the right to reclaim full ownership by repaying the debt.
- In corporate finance, a company acting as a mortgager might use its commercial property as collateral to secure financing for expansion.
- Mortgagor: This is a common alternate spelling of "mortgager." Both forms are correct and used interchangeably, though "mortgagor" is frequently seen in legal documents.
- Borrower: A more general synonym for someone who receives a loan.
- Debtor: A general term for a person who owes money.
- Mortgagee (noun): The lender or bank that provides the mortgage loan.
- Borrower
- Pledgor (in a similar type of secured transaction)
- Debtor (in the context of the mortgage debt)
- Mortgagee (the lender)
- Lender
- Creditor
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the person who gives a mortgage in return for money to be repaid
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we became mortgagors when the bank accepted our mortgage and loaned us the money to buy our new home
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