What does mortgagor mean?
The person or organization that borrows money from a lender to buy a property, with the property serving as collateral. The mortgagor is responsible for repaying the loan, plus interest, over a set period of time.
Example
"The mortgagor was struggling to make payments on the loan, and was at risk of foreclosure."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.