Definition, Meaning & Synonyms

mortgagee

noun

/ˈmɔːrɡɪˌdʒiː/

Definition

A mortgagee is a person or entity that lends money to a borrower, secured by a mortgage, in order to purchase real estate.

Examples

The bank became the mortgagee when it approved the loan for the new house.
In the event of default, the mortgagee has the right to initiate foreclosure proceedings.

Meaning

The mortgagee is typically a bank or loan company that provides funds to the borrower, allowing them to acquire property while having the property serve as collateral.