[mawr-guh-jee] 
| a person to whom property is mortgaged. |
| mort·ga·gee (môr'gĭ-jē') n. One that holds a mortgage. |
Mortgagee
An entity that lends money to a borrower for the purpose of purchasing a piece of real property. By accepting a mortgage on the real property, the lender creates security in the full repayment of the loan in the future.
Investopedia Commentary
Most people take out a mortgage to finance the purchase of a residence or piece of real estate. In order to limit its risk in the investment, the lender in the transaction creates a priority legal interest in the value of the property, substantially lowering the probability the lender will not be repaid in full if the borrower defaults on the loan.
Related Links
Shopping for a Mortgage
Understanding Your Mortgage
Mortgages: How Much Can You Afford?
Mortgages: Fixed-Rate Versus Adjustable-Rate
Mortgages: The ABCs Of Refinancing
See also: Closing Costs, Collateral, Default Risk, Mortgage, Mortgage Banker, Mortgage Broker, Mortgagor, Origination, Private Mortgage Insurance - PMI
Also spelled: lender, mortgage provider
gəˈdʒi
