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equity of redemption

noun
  1. the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed.
  2. the interest of an owner of land subject to a mortgage.
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Origin of equity of redemption

First recorded in 1705–15
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for equity of redemption

equity of redemption

noun
  1. property law the right that a mortgager has in equity to redeem his property on payment of the sum owing, even though the sum is overdueSee also foreclose
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012