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egal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure therepayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfactionof mortgage is recorded with the register or recorder of deeds in the county where the mortgage was recorded. Becausemost people cannot afford to buy real estate with cash, nearly every real estate transaction involves a mortgage.
The party who borrows the money and gives the mortgage (the debtor) is the mortgagor; the party who pays the money andreceives the mortgage (the lender) is the mortgagee. Under early English and U.S. law, the mortgage was treated as acomplete transfer of title from the borrower to the lender. The lender was entitled not only to payments of interest on thedebt but also to the rents and profits of the real estate. This meant that as far as the borrower was concerned, the realestate was of no value, that is, "dead," until the debt was paid in full—hence the Norman-English name "mort" (dead),"gage" (pledge).
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