The consideration of a mortgage ordinarily is an advancement or loan, past or present, made by a mortgagee to the mortgagor.
It is usual for the mortgagor to insure the property for the benefit of the mortgagee.
It is not necessary that the mortgagor have absolute, unencumbered title to the property to give a mortgage.
Does a mortgagor retain an interest which he may dispose of?
Until the mortgagor fails to execute his part of the agreement, he retains possession of the property.
The borrower is called the mortgagor, the lender the mortgagee.
If there is a surplus after satisfying the mortgage debt it must be paid to the mortgagor, or, if he is dead, to his heir.
This right of the mortgagor to relief is termed his “equity of redemption.”
But I am afraid that you deceive yourself; and in the mean time, you are paying every year a mortgagor's interest.
It is the custom at the present time to give the mortgagor possession of the property before default.