Mortgager (Noun)
Meaning
The person who gives a mortgage in return for money to be repaid; "we became mortgagors when the bank accepted our mortgage and loaned us the money to buy our new home".
Classification
Nouns denoting people.
Examples
- The mortgagor is responsible for making timely payments to the lender to avoid foreclosure.
- When the couple divorced, they had to decide who would take over the mortgage payments as the sole mortgagor.
- The bank required the mortgagor to have a minimum credit score of 700 to qualify for the loan.
- As the mortgagor, John was obligated to pay the annual property taxes on the house.
- The mortgagor's failure to make payments led to the lender initiating foreclosure proceedings.