mortgagee

Definition

The lender in a mortgage agreement—basically, the bank that owns your house until you finish paying them back over the next few decades. This party holds the security interest in your property and has the legal right to foreclose if you stop making payments, making them simultaneously your benefactor and potential nemesis. They're the reason you can buy a house now but also the reason you'll be sending checks until retirement.

Example Usage

The mortgagee requires proof of homeowners insurance before closing, because they want to ensure their investment is protected even if yours burns down.

Source: Real estate and legal terminology

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