Mortgagee Legal Meaning and Definition

Here is a simplified definition of the legal term Mortgagee.

Mortgagee (noun)

A mortgagee is the person or institution (like a bank) who lends money to a property owner, using the property as security for the loan. If the borrower (known as the Mortgagor) fails to pay back the loan, the mortgagee has the right to take the property to recover the money they are owed.