Which type of right is a mortgage considered to be?

A mortgage is classified as a nonpossessory right because it grants the lender an interest in the property while the borrower retains possession. This means that the lender has a security interest in the property, but does not have the right to physically occupy or control it unless the borrower defaults on the loan. The borrower continues to utilize and live in or rent the property, demonstrating that the mortgage serves as a financial agreement rather than a right to possess the property.

This classification underscores the relationship between the borrower and the lender, emphasizing the legal concept that the mortgage is a lien against the property rather than a direct ownership right. Understanding this distinction is essential in the context of property law and the rights of parties involved in a mortgage agreement.