Mortgagee: meaning, definitions and examples
🏦
mortgagee
[ ˌmɔːrɡɪˈdʒiː ]
legal finance
A mortgagee is a lender in a mortgage agreement. They provide the funds required for the purchase of property or real estate to the borrower, known as the mortgagor. In return for the loan, the mortgagee holds a legal interest in the property, which serves as collateral. If the mortgagor fails to repay the loan, the mortgagee has the right to foreclose on the property. This relationship establishes a secure framework for lending, protecting both parties involved in the transaction.
Synonyms
Examples of usage
- The mortgagee approved my loan application quickly.
- If I default on the loan, the mortgagee can take possession of my home.
- Working with a mortgagee is essential when buying a house.
Translations
Translations of the word "mortgagee" in other languages:
🇵🇹 credor hipotecário
🇮🇳 गृह ऋणदाता
🇩🇪 Hypothekargläubiger
🇮🇩 pemberi hipotek
🇺🇦 іпотекодержатель
🇵🇱 wierzyciel hipoteczny
🇯🇵 抵当権者
🇫🇷 créancier hypothécaire
🇪🇸 acreedor hipotecario
🇹🇷 ipotek sahibi
🇰🇷 담보권자
🇸🇦 الدائن الرهني
🇨🇿 hypoteční věřitel
🇸🇰 hypotekárny veriteľ
🇨🇳 抵押权人
🇸🇮 hipotekarni upnik
🇮🇸 veðkröfu
🇰🇿 ипотекалық кредитор
🇬🇪 ჰიპოთეკარიმი
🇦🇿 ipotekalı borclu
🇲🇽 acreedor hipotecario
Etymology
The term 'mortgagee' originates from the Old French word 'mort' meaning 'dead' and 'gage' meaning 'pledge'. This combination signifies a pledge that becomes void upon the fulfillment of the obligations. In legal terms, a mortgage is a conditional deed that transfers the interest in the property but retains the possession by the borrower until the debt is repaid. The evolution of real estate transactions in medieval Europe popularized the use of mortgages as a financial arrangement, and the term 'mortgagee' became widely accepted in legal and financial contexts. The relationship established in this agreement has evolved with the modernization of the banking system, affirming the mortgagee's role as a pivotal entity in property financing.