Mortgagee (Noun)
Meaning
The person who accepts a mortgage; "the bank became our mortgagee when it accepted our mortgage on our new home".
Classification
Nouns denoting people.
Examples
- The bank became our mortgagee when it accepted our mortgage on our new home.
- A mortgagee typically has the right to take possession of the property if the borrower defaults on the loan.
- In exchange for lending the large sum of money, the company became the mortgagee for the commercial property.
- As the mortgagee, the lender had the option to sell the house at a public auction to recoup its losses.
- The individual's failure to meet the mortgage payments put the bank in the position of being both creditor and mortgagee.