What does mortgagor mean?
noun
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."
Definition generated by AI and curated by RJS Tech Solutions LLP.