Practical Law Glossary Item 0-382-3636 (Approx. 2 pages)
Glossary
Mortgage
The lien an owner of property gives to a lender as security for the payment and performance of loan obligations. The owner is the mortgagor and the lender is the mortgagee. The owner retains use of the property and the lien is removed when the loan is repaid. Commonly used to take a lien over real property.