finance
mortgagor
The mortgagor is the borrower in a mortgage transaction, the party who gives the mortgage, which pledges the property as security for a loan. The lender who receives the mortgage is the mortgagee. The mortgagor keeps possession and use of the property and must make payments, pay taxes, and keep insurance. If the mortgagor defaults, the mortgagee may foreclose.
- Exam tip
- The borrower gives the mortgage, so the borrower is the mortgagor; the lender receives it and is the mortgagee. This "-or/-ee" swap is a classic trap.
- Example
- A homebuyer who signs a $250,000 note and mortgage to a bank is the mortgagor, and the bank is the mortgagee.
Related terms & state variants
Sources
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Last verified: 2026-10-23