Mortgagor is the person who entitles another individual, the mortgagee, to hold the mortgagor's property as collateral for a loan provided to the mortgagor. The mortgagor must have exclusive and actual possession of the property with legal and equitable title. In other terms, the mortgagor is the borrower and the mortgagee is the lender. You have possessory mortgages and mortgagors. The "possessory mortgage" is obtained in the purpose of taking possession of a property you do no already own. In addition to this, after the possessory mortgage expires, you have "maintenance mortgages" and mortgagors who place a mortgage on the home to maintain exclusive occupation after the "possessory mortgage" expires.
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