A mortgage is a method of using property (real or personal) as security for the payment of a debt. It is an arrangement whereby a lender (the mortgagee) dispenses money to a borrower (the mortgagor), having the mortgagor's assets as collateral. Mortgages have played a significant role in allowing the spread of home ownership. However, mortgages are not limited to loans used to buy homes or land. Mortgages of movable personal properties are possible, but the intricacy of the relevant law has meant that such mortgages are uncommon. A mortgage is unlike a hire-purchase agreement in that the mortgaged property belongs to the borrower. The mortgage becomes obsolete when the loan is fully repaid along with all the interest due. In the past, a mortgage was a conveyance of l View the rest of this article
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