Mortgagee
/ˌmɔːrɡɪˈdʒiː/noun
A person or organization that loans money to someone to buy a property or land.
The bank becomes the mortgagee until the full amount for the house is paid back by the borrowers.
Often appears as...
- mortgagee sale
- mortgagee's interest
Usage tips
Technical
Definition 1 of 1
Pro Tip 1/3Loan Issuer
Mortgagee is the entity that gives the loan, not the one receiving it.
The mortgagee holds the title of the property as collateral.
Pro Tip 2/3Property Rights
The mortgagee has legal rights over the property until the debt is fully paid.
If the borrower fails to repay, the mortgagee can claim the property.
Pro Tip 3/3Not Ownership
Being a mortgagee doesn't mean owning the property, but having a security interest in it.
As mortgagee, the bank does not own your home, but has rights to it as security.
Compare with
bankercreditorfinancierinvestorlend
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