Mortgagor

Mortgagor definition

/ˌmɔːɡɪˈdʒɔː/

What does Mortgagor mean?

An individual or organisation (eg a company or partnership) that borrows money from a lender (eg a bank) to finance the purchase of a property - eg an individual buying a house using a mortgage is a mortgagor. The legal or equitable title to the property (depending on the specific asset) is transferred to the lender as collateral for the loan (or mortgage).

Mortgagor explained

The mortgagor has certain obligations to the lender and the lender has certain rights over the property in the event the mortgagor defaults on the loan. The property is re-transferred once the secured obligations have been discharged.

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