Who is referred to as a mortgagee?

The term "mortgagee" specifically refers to the lender in a mortgage agreement—the individual or institution that provides financial support to the borrower in exchange for the right to take possession of the property if the borrower defaults on their loan obligations. In this context, it is the party that "takes" the mortgage, as they receive the security interest in the property being pledged.

To clarify the other choices: the option referring to "one who gives a mortgage" actually describes the borrower or mortgagor, who is the party that creates the mortgage by offering their property as collateral for the loan. The choice about a "person living apart from spouse" is unrelated to mortgage terminology and does not pertain to the mortgage process. Finally, "judicial authority" does not apply to the definitions of mortgagee or mortgagor, as it relates more to court systems and legal proceedings rather than the context of real estate transactions.