What is the role of a mortgagor in the context of a mortgage?

In the context of a mortgage, the role of a mortgagor is to secure a loan. The mortgagor is typically the borrower, who takes out a mortgage loan from a lender, known as the mortgagee. To secure the loan, the mortgagor offers the property as collateral, which provides the lender with assurance that they can reclaim the loan amount through the property if the borrower defaults on their payments.

This security interest is foundational to the mortgage agreement, as it gives the lender the right to foreclose on the property if necessary. This role is crucial because it establishes the legal relationship and obligations between the borrower and lender in the context of real estate financing.

While providing a loan, managing the property, and facilitating real estate transactions are important aspects of real estate, they do not accurately reflect the specific legal role of the mortgagor in a mortgage agreement, which is to secure the loan using the property as collateral.