What is mortgagee? How to use in English

Definition & pronunciation of mortgagee

mortgageenoun
người thế chấp
/ˌmɔːɡɪˈdʒiː//ˌmɔːrɡɪˈdʒiː/

Where does the word mortgagee come from?

The word "mortgagee" has a fascinating history. It originates from the Old French words "mort" meaning "death" and "gage" meaning "pledge." In the 14th century, a mortgage was a pledge or deed of conveyance of land or property to secure a debt, which would be forfeited in the event of default, or "death of the debtor." The party who lent the funds was known as the "mortgagee," and the borrower was known as the "mortgagor." Over time, the term "mortgagee" has come to refer specifically to the lender or owner of the property, while the borrower is known as the "mortgagor." Despite the evolution of the term, the concept of mortgage remains the same, with the property serving as collateral for a debt.

Vocabulary summary mortgagee

type transitive verb

meaning mortgage; mortgage

example to mortgagee a house: to mortgage a house

meaning (: to, for) (figurative) to dedicate

example to mortgagee oneself to the great cause

type noun

meaning recipient cdam c

example to mortgagee a house: to mortgage a house

Example of vocabulary mortgageenamespace

The bank is the mortgagee of the property until the borrower fully repays the loan.
After takeover of the property, the mortgagee is responsible for maintaining and protecting it.
The mortgagee has the right to sell the property at auction if the borrower defaults on the mortgage payments.
The mortgagee has a legal interest in the property until the loan is repaid in full.
The mortgagee requires regular mortgage statements from the borrower to ensure timely payments are being made.