Discipline: Economics

A debt instrument that allows the debtor (mortgagor) to own an asset under the condition that the due amount is paid to the creditor (mortgagee) in full and in time.

Mortgages are usually long-term debts, often stretching as long as 30 years. The mortgagor is free to use the asset, usually a real estate, while the mortgage agreement is still in effect.

Also see:

· creditor
· debtor
· security


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