What does mortgager mean?
A mortgager is a person or institution that grants a mortgage, typically a bank or other lender providing money in exchange for a legal claim on property. The term belongs mainly to legal and financial contexts and is less common in everyday speech, where "mortgage lender" is often more natural. A mortgager takes the role opposite to that of the mortgagor, who borrows the money and pledges the property. It should also be distinguished from the more technical term "mortgagee," which denotes the holder or beneficiary of the mortgage. Although "mortgager" may sound similar to "mortgagor," their roles are opposite: one grants the loan, while the other receives it. The word is useful because it identifies the granting party precisely in property and security documents, but it is usually unnecessary when the context already makes the speaker's role clear.
nounA person or institution that grants a mortgage, especially a bank or other financial institution lending money against property as security.
- A person or institution that grants a mortgage, especially a bank or other lender.
"The bank became the mortgager when the property was used to secure the loan."
"The mortgage lender agreed to advance funds once the mortgager had satisfied the property requirements."
"In the agreement, the mortgager and mortgagee recorded their respective rights in the property."
The plural is used when referring to more than one lender or institution that grants mortgages.
"Several mortgagers offered different interest rates and repayment terms."
Mortgage originally meant a "dead pledge": if the debt went unpaid, the pledged property could become the creditor's.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Where does mortgager come from?
The English noun mortgage came through Anglo-Norman French from a phrase meaning "dead pledge," historically referring to a pledge that became the creditor's property if the debtor failed to meet the obligation. English formed mortgager by adding the agentive suffix -er to mortgage, identifying the person or institution that grants or holds the mortgage. Related legal terms include mortgagee, for the beneficiary of the mortgage, and mortgagor, for the borrower who pledges the property.
Related word forms
How mortgager is actually used
The word is chiefly legal and financial. In British English it is commonly pronounced /ˈmɔːdʒə/, without a rhotic /r/; /ˈmɔːrdʒər/ is the usual American pronunciation. "Mortgage lender" is often clearer in general conversation.
Easily confused with mortgager
A mortgager grants the mortgage and receives the money, whereas a mortgagor borrows the money and pledges the property.
A mortgagee is the legal term for the holder or beneficiary of a mortgage, while a mortgager is the person or institution that grants it.