Who is referred to as the mortgagee?

The mortgagee is the lender in a mortgage agreement. In a mortgage transaction, there are typically two parties involved: the mortgagee and the mortgagor. The mortgagee, being the lender, provides the loan to the borrower (the mortgagor) who uses the funds to purchase real property. The mortgagee holds a secured interest in the property as collateral for the loan until it is fully repaid.

This terminology is rooted in the legal framework surrounding mortgages, where the lender's rights, responsibilities, and the nature of their interest in the property are clearly defined. By understanding that the mortgagee is the lender, it becomes easier to grasp the overall dynamics of mortgage agreements, including the potential rights of the mortgagee in the event of default by the borrower.

The other roles mentioned, such as the borrower, the guarantor, and the appraiser, do not represent the mortgagee; instead, they play different roles in the mortgage process. The borrower is responsible for repaying the loan, the guarantor provides a promise to pay the mortgage if the borrower defaults, and the appraiser assesses the property’s value but does not have a direct financial stake in the lending process.