Mortgagor

Definition

The borrower who takes out a mortgage and pledges the property as security. It's you, the person making the monthly payment that's slowly turning your hair gray.

Example Usage

As the mortgagor, I'm responsible for property taxes, insurance, maintenance, and my general anxiety about interest rates.

Origin

From 'mortgage' plus '-or' meaning 'one who gives.'

Fun Fact

The mortgagor retains occupancy rights even though the mortgagee technically has a claim to the property.

Source: Uniform Commercial Code and state property law

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